Chemicals Updates

Asia and Middle Eastern Gasoil Daily Market Analysis / Formosa sells 600,000 barrels gasoil for May 18-25 loading / US ULSD stocks fall 3 mil barrels

May 20, 2026

WOW to lowest since July 2025 The Asian ultra-low sulfur gasoil market stayed rangebound on April 23 amid Iranian attacks on three container ships on the Strait of Hormuz. Islamic Revolutionary Guard Corps forces attacked three container ships near the Strait of Hormuz on April 22, after the US extended its ceasefire with Iran but maintained a blockade on Iranian trade. Brokers pegged the front-month May-June Singapore gasoil swaps time spread — an indicator of the near-term market outlook — at $10.00/b in midafternoon Asian trading April 23, widening from $9.70/b at the 0830 GMT Asian close April 22. Gasoil crack spreads have remained robust, with the FOB Singapore 10 ppm sulfur gasoil cargo crack spread against front-month cash Dubai averaging $99.65/b over April 1-22, widening 54.90% from $66.34/b in...

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