Oil keeps falling. Diesel hits new lows. Bunker prices plunge. Urea weakens despite supply cuts.
Geopolitical premiums are fading, but physical market disruptions persist.
CRUDE | PRESSURE CONTINUES
• Brent Jan: $91.49/b ↓$1.08\ • WTI Dec: $86.04/b ↓$0.81\ • Dated Brent CIF: $93.41/b ↓$1.61
Iraq slashed December Asia OSPs by $6/b:\ Basrah Medium −$8.80/b, Basrah Heavy −$11.80/b vs Oman/Dubai.
DIESEL / JET
• ICE LSGO: $1,282.50/mt ↓$47.75\ • Lowest since August 28\ • ARA diesel/gasoil stocks: 1.781m mt ↑3.5%\ • Singapore jet differential: −$1.51/b
European jet premiums remain firm despite falling diesel prices.
BUNKERS | SHARP SELLOFF
• Singapore VLSFO: $800/mt ↓$60\ • Singapore 0.5%S FOB: $716.50/mt ↓$71.79\ • Singapore HSFO 380: $572.25/mt ↓$80.18\ • Rotterdam IFO 380: $568/mt ↓$8
UREA / GAS
Egyptian production cuts have failed to support prices.
• Egypt FOB: $500–520/t ↓$7.50\ • Middle East FOB: $430–440/t ↓$5\ • Brazil CFR: $460–475/t\ • NOLA FOB: $425/st ↓$3
Around 306kt of urea remained aboard vessels inside the Middle East Gulf.
TTF recovered to €85.21/MWh ↑€2.71.
MARKET SIGNAL
🔻 Brent extends its decline\ 🔻 Iraq cuts crude OSPs by $6/b\ 🔻 European diesel hits a multi-month low\ 🔻 Singapore bunker prices plunge\ ⚠️ Middle East fertilizer logistics remain constrained\ 🔻 Urea weakens despite Egyptian supply cuts