The Asian ultra-low sulfur gasoil market remained rangebound May 18 amid heightened geopolitical tensions in the Middle East. A drone strike occurred near the UAE’s power plant May 17, bringing supply concerns to the forefront. Brokers pegged the front-month June-July Singapore gasoil swaps time spread — an indicator of the near-term market outlook — at $8.35/b in midafternoon Asian trading May 18, rangebound from $8.27/b at the 0830 GMT May 15 Asian close. Spot trading activity for cargoes loading from North Asia was heard muted day over day, with demand expected to remain weak, according to an Asia-based middle distillates trader. The benchmark cash differential for FOB Singapore 10 parts per million gasoil was unchanged day over day at $6.92/b May 15, though up from $5.49/b the week prior May...