Argus Asia-Pacific Products
Prices and analysis
Issue 25-97
OVERVIEW
|
Monday 26 May 2025
PRICES AT GLANCE
$/bl
Indonesia mulled US-origin fuel imports
±
Formosa concluded second June-loading jet sales
GS Caltex sold more June-loading high-sulphur gasoil
97R gasoline
95R gasoline
92R gasoline
Naphtha
Jet-kerosine
$/bl
1.40
1.65
1.45
0.05
1.60
1.85
1.65
0.25
78.35
77.50
75.70
61.30
78.10
Mid
78.55
77.70
75.90
61.40
78.30
+0.45
+0.45
+0.45
+0.65
+0.75
±
RED SAF10 fob 10-day
$/t*
-
-
730.750
729.430
+1.32
Gasoil 0.5%
Gasoil 0.25%
Gasoil 0.05%
Gasoil 0.005%
Gasoil 0.001%
HSFO 180cst $/t
HSFO 380cst $/t
Marine fuel 0.5%S $/t
-1.95
-1.70
-0.30
-0.15
0.10
-1.75
4.75
9.25
-1.75
-1.50
-0.10
0.05
0.30
-0.75
5.75
10.25
77.05
77.30
78.70
78.85
79.10
427.75
427.50
491.75
77.25
77.50
78.90
79.05
79.30
428.75
428.50
492.75
±
+0.90
+0.90
+0.90
+0.90
+0.90
-3.00
+0.75
+2.25
*Daily blend prices are published in Argus Biofuels
$/bl
±
HSFO 180cst crack spreads
Jet-kerosine
Gasoil 0.05%
Gasoil 0.001% (10ppm)
HSFO 180cst $/t
$/bl
-0.65
-1.20
-0.70
-
-0.45
-1.00
-0.50
-
77.40
77.80
78.30
438.75
77.60
78.00
78.50
439.75
+0.80
+0.75
+0.85
-3.00
±
Naphtha
7.75
9.75
570.00
572.00
Mideast Gulf
+6.00
$/bl
±
95R gasoline
92R gasoline
Naphtha LR1 $/t
Naphtha LR2 $/t
Jet-kerosine
Gasoil 0.2%
Gasoil 0.05% (500ppm)
Gasoil 0.001% (10ppm)
HSFO 180cst $/t
HSFO 380cst $/t
CONTENTS
5.05
4.50
30.25
2.00
0.60
1.30
1.55
37.25
73.80
72.00
517.95
523.30
74.35
74.20
74.90
75.15
405.00
404.65
74.00
72.20
522.95
528.30
74.55
74.40
75.10
75.35
406.00
405.65
+0.55
+0.55
+5.88
+5.88
+0.75
+0.90
+0.90
+0.90
-2.15
+1.50
$/bl
Gasoline commentary and prices
Naphtha commentary and prices
Jet-kerosine commentary and prices
Gasoil commentary and prices
Residual fuels commentary and prices
China oil products
Freight rates
2
3
4
5
6
7
8
Deals done and tenders
10
11
Copyright © 2025 Argus Media group
4.85
4.30
28.25
1.80
0.40
1.10
1.35
35.25
±
Naphtha $/t
Jet-kerosine
Gasoil 0.005%
HSFO 180cst $/t
9.75
-
11.75
-
563.50
80.70
80.50
441.35
568.50
80.90
80.70
442.35
+5.88
+0.75
+0.90
-3.00
$/t
±
0.45%S fuel oil V-1250
-23.85
-23.65
458.56
458.76
+2.66
Available on the Argus Publications App
Argus
Issue 25-97
|
Monday 26 May 2025
GASOLINE
Indonesia's state-owned Pertamina is assessing the potential for importing oil products from the US, in line with the
energy ministry's directive to increase fuel purchases from
Singapore
$/bl
Low
with Washington.
Indonesia's energy minister Bahlil Lahadalia has urged
state-owned Pertamina to proceed with fuel imports from
the US despite existing logistical challenges, according to
the country's state news agency on 23 May. The minister's
remarks comes as Indonesia seeks to persuade the Trump
High
Low
High
±
97R gasoline
-
-
78.35
78.55
+0.45
95R gasoline
1.40
1.60
77.50
77.70
+0.45
92R gasoline
1.65
1.85
75.70
75.90
+0.45
Non-oxy gasoline
2.95
3.15
77.45
77.65
+0.45
$/bl
Low
Indonesia cannot import fuel from the US, he said, noting
High
Low
High
±
95R gasoline
4.85
5.05
73.80
74.00
+0.55
92R gasoline
4.30
4.50
72.00
72.20
+0.55
$/bl
products —such as gasoline or diesel — or crude oil. But the
minister referenced reducing Indonesia's reliance on fuel
imports from Singapore, which primarily consist of gasoline
and diesel.
The statement was also made a day after Pertamina
president director Simon Aloysius Mantiri said that Pertamina
Low
High
Low
High
±
95R gasoline
4.85
5.05
77.05
77.25
+0.65
92R gasoline
4.30
4.50
74.80
75.00
+0.65
$/t
95R gasoline
imports from other countries to the US. But the primary
concern lies in the longer distance and delivery times associated with US shipments, including any risks of disruptions
that could hinder the country's energy security, Mantiri said.
new gasoline tenders, two of which exclude Singapore as a
Low
High
±
657.79
657.99
+1.02
$/bl
±
97R gasoline
17.10
17.30
-0.20
95R gasoline
16.25
16.45
-0.20
92R gasoline
14.45
14.65
-0.20
still under review and negotiations until 30 May.
$/bl
line from the US, gasoline traders in Singapore told Argus,
citing expensive freight costs and logistical challenges.
import needs, they added. The US itself is a key gasoline
Low
High
±
Jun
76.20
76.40
+0.65
Jul
75.10
75.30
+0.60
Aug
74.30
74.50
+0.70
$/bl
to storage facilities in the two countries, where they are
Low
High
±
Jun
74.55
74.75
+0.65
Jul
73.20
73.40
+0.65
Aug
72.15
72.35
+0.70
$/bl
-6.25
-6.50
Copyright © 2025 Argus Media group
Page 2 of 14
Argus
Issue 25-97
|
Monday 26 May 2025
NAPHTHA
The naphtha crack spreads narrowed slightly on 26 May,
while the widening of the east-west spread is likely to entice
traders to move more naphtha from the west of Suez to the
east.
The east-west spread continued to widen on 26 May to
to around a one-month high of about $25.50/t. The spread
has been widening through most of May, after starting the
demand in the east is propping up values here while prices
in the west of Suez has eased.
In spot tender news, South Korea’s GS Caltex bought its
of its spot tender on 23 May. The producer paid a premium
of between $11.50/t to $18/t to the Japanese spot naphtha
assessments for cargoes ranging from grade “C” to grade
“A”. The grade C cargoes were concluded at lower premiums
of around $11.50-12.50/t, while the grade “A” cargoes were
bought at the highest premium level of $18/t to the Japaunchanged market conditions from last week, with Hanwha
TotalEnergies also buying its "C" grade heavy full range naphtha supplies at a premium of around $13/t to the Japanese
spot naphtha assessments.
In other buying news, South Korea’s YNCC is also looking
to secure its usual spot supplies of naphtha. YNCC is looking
to buy 25,000t (223,000 bl) cargoes of naphtha with a mini-
$/bl
Naphtha
Low
High
Low
High
±
1.45
1.65
61.30
61.40
+0.65
Northeast Asia
$/t
Low
High
Low
High
±
Japan
9.75
11.75
563.50
568.50
+5.88
South Korea
7.75
9.75
570.00
572.00
+6.00
$/t
Low
High
Low
High
±
Naphtha LR1
28.25
30.25
517.95
522.95
+5.88
Naphtha LR2
-
-
523.30
528.30
+5.88
$/t
Naphtha
Low
High
Low
High
±
28.25
30.25
541.90
542.90
+7.55
$/t
Low
High
±
1-15 Jul
572.75
573.75
+6.00
16-31 Jul
567.50
568.50
+6.00
1-15 Aug
563.50
564.50
+5.75
$/t
spot tender closes on 26 May with same-day validity. Light
naphtha cargoes have so far traded at around high singles
premium to the Japanese spot naphtha assessments for the
Low
High
±
+8.00
Jun
560.50
561.50
Jul
553.75
554.75
+7.75
Aug
548.50
549.50
+7.25
The latest deal was done by China’s state-owned CNOOC,
a premium of around $8/t to the Japanese spot naphtha assessments late last week.
In wider market news, Lotte Chemical Indonesia is now
this week after it started to feed naphtha again into its 1mn
t/yr cracker in Merak last Friday. The producer failed one
prior attempt to start up the cracker on 21 May. And the
cracker is expected to operate at around 60pc after start up
however, have widely expected the cracker to start up and
operate on schedule as the producer has been regularly
Copyright © 2025 Argus Media group
$/bl
Low
High
±
Jun
60.60
60.80
+0.90
Jul
59.85
60.05
+0.85
Aug
59.25
59.45
+0.80
$/t
Low
High
±
Jun
535.40
535.60
+7.00
Jul
529.90
530.10
+7.50
Aug
525.65
525.85
+7.25
$/t
East-west Jun spread
25.500
East-west Jul spread
24.250
Japan Jul vs NWE Jun
18.750
Japan Aug vs NWE Jun
13.500
Page 3 of 14
Argus
Issue 25-97
|
Monday 26 May 2025
Low
High
Low
High
±
0.05
0.25
78.10
78.30
+0.75
Prev
±
729.430
+1.32
JET-KEROSINE
The Asian jet fuel market structure moved into parity on
26 May, strengthening slightly from a slight contango in the
complex has yet to show signs of easing.
another June-loading jet A-1 fuel cargo through a spot
average $/t*
-
-
730.750
*Daily blend prices are published in Argus Biofuels
loading from Mailiao during 21–25 June. The deal was likely
South Korea
spot jet fuel assessments, said trade sources. The tender
concluded a spot tender to sell an early-June loading jet
Jet-kerosine
$/bl
Low
High
Low
High
±
-0.65
-0.45
77.40
77.60
+0.80
$/bl
tender closed on 8 May with same-day validity. The cargo
attracted higher-than-normal premiums likely due to its
Jet-kerosine
Low
High
Low
High
±
1.80
2.00
74.35
74.55
+0.75
market participants noted.
$/bl
Jet-kerosine
Low
High
Low
High
±
1.80
2.00
76.10
76.30
+0.80
naphtha and fuel oil volumes, as well as production from
$/bl
Oman's OQ and Kuwait's KPI. However, jet fuel-kerosine
Jet-kerosine
Low
High
±
80.70
80.90
+0.75
$/t
$/bl
Jet-kerosine
Low
High
±
619.85
620.05
+2.28
$/bl
Copyright © 2025 Argus Media group
Low
High
±
Jun
77.95
78.15
+0.80
Jul
77.95
78.15
+0.75
Aug
77.95
78.15
+0.70
3Q25
78.00
78.20
+0.70
4Q25
78.10
78.30
+0.55
1Q26
78.20
78.40
+0.60
Page 4 of 14
Argus
Issue 25-97
|
Monday 26 May 2025
GASOIL
Market structure in Asian gasoil market strengthened slightly
on 26 May. The June-July spread moved to $0.05/bl in backwardation, from parity in the previous session.
The narrow spread between 10ppm and high-sulphur
gasoil (HSGO) continued to prompt regional suppliers, such
June-loading exports. GS Caltex sold, through a spot tender,
fered a 300,000 bl cargo of 10ppm or 500ppm sulphur gasoil
likely sold the higher sulphur grade cargo, at a discount of
around $1.10/bl to Singapore spot gasoil assessments, said a
gasoil trader. GS Caltex also sold a 260,000 bl or 300,000 bl
cargo of 500ppm sulphur gasoil cargo for loading from the
same port during 9-13 June. The deal closed at around a
$1.30-1.40/bl discount to Singapore spot gasoil assessments,
said trade sources. The tender closed on 23 May and remain
valid until the same day.
Prices for the latest June-loading HSGO cargoes have
11-15 June loading cargo at around a $0.70-0.80/bl discount
to the Singapore spot assessments, while a 26-30 June loading cargo was sold at around a $1/bl discount to the same
assessments, said trade sources. Including the most recent
Singapore
$/bl
Low
High
Low
High
±
Gasoil 0.5%
-1.95
-1.75
77.05
77.25
+0.90
Gasoil 0.25%
-1.70
-1.50
77.30
77.50
+0.90
Gasoil 0.05% (500ppm)
-0.30
-0.10
78.70
78.90
+0.90
Gasoil 0.005% (50ppm)
-0.15
0.05
78.85
79.05
+0.90
Gasoil 0.001% (10ppm)
0.10
0.30
79.10
79.30
+0.90
$/bl
Gasoil 0.05%
Gasoil 0.001% (10ppm)
Low
High
Low
High
±
-1.20
-0.70
-1.00
-0.50
77.80
78.30
78.00
78.50
+0.75
+0.85
$/bl
Low
High
Low
High
±
Gasoil 0.2%
0.40
0.60
74.20
74.40
+0.90
Gasoil 0.05% (500ppm)
1.10
1.30
74.90
75.10
+0.90
Gasoil 0.005% (50ppm)
1.25
1.45
75.05
75.25
+0.90
Gasoil 0.001% (10ppm)
1.35
1.55
75.15
75.35
+0.90
Fujairah
Gasoil 0.001% (10ppm)
$/bl
Low
High
Low
High
±
1.35
1.55
76.40
76.60
+0.90
$/bl
sold around 5 cargoes of HSGO for loading in June.
On the demand front, Indonesia's state-owned Pertamina
is assessing the potential for importing oil products from the
US, in line with the energy ministry's directive to increase
fuel purchases from the country as Jakarta continues to
Gasoil 0.005% (50ppm)
crude oil. But the minister referenced reducing Indonesia's
reliance on fuel imports from Singapore, which primarily
supplies gasoline and gasoil to Indonesia.
However, it is "extremely unfeasible" for Indonesia to
import gasoil from the US. The country imports a higher sulphur grade of diesel than the usual ultra-low sulphur diesel
grades used in the US. And Indonesia is located much closer
to other gasoil producers in Asia, noted market participants.
High
±
80.50
80.70
+0.90
Durban
Gasoil 0.05% (500ppm)
were provided on whether the fuel supplies in question
Low
$/t
Low
High
±
592.83
593.03
+3.08
Gasoil 0.005% (50ppm)
593.95
594.15
+3.08
Gasoil 0.001% (10ppm)
594.70
594.90
+3.09
$/bl
Low
High
±
Jun
78.90
79.10
+0.85
Jul
78.85
79.05
+0.80
Aug
78.80
79.00
+0.75
3Q25
78.80
79.00
+0.70
4Q25
78.60
78.80
+0.75
1Q26
78.60
78.80
+0.70
$/t
Copyright © 2025 Argus Media group
East-west Jun spread
-22.91
East-west Jul spread
-16.78
Singapore Jun vs ICE Jul gasoil
-16.41
Singapore Jun vs ICE Aug gasoil
-14.41
Page 5 of 14
Argus
Issue 25-97
|
Monday 26 May 2025
RESIDUAL FUELS
Singapore high-sulphur fuel oil (HSFO) crack spreads retreated today, pressured by market discussions of continued
Opec+ supply unwinding through the summer, and signs of
some progress in US-Iran nuclear talks.
Argus-assessed 380cst HSFO crack spreads fell by over
$1/bl to around $2.57/bl on 26 May, after ending the last
trading session at a fresh record high of $3.76/bl.
Market discussions and recent media reports about a
continued unwinding of Opec+ production cuts through the
summer have raised the prospect of increased availability
of more medium to heavy crude grades being brought back
into the market. These crude grades typically yield higher
proportions of HSFO. Additionally, fresh talks between Iran
and the US over the weekend have raised hopes of a potential nuclear agreement between the two countries. Any
potential resolution could result in the easing of sanctions on
Tehran's oil exports, bringing heavy crude and HSFO supplies
back to the market.
Singapore
$/t
Low
High
Low
High
±
HSFO 180cst
-1.75
-0.75
427.75
428.75
-3.00
HSFO 380cst
4.75
5.75
427.50
428.50
+0.75
-
-
437.50
438.50
-3.00
9.25
10.25
491.75
492.75
+2.25
69.00
70.00
-
-
-
HSFO 180cst 2% sulphur
Marine Fuel 0.5%S
380cst)
$/t
Low
High
Low
High
HSFO 180cst
-
-
405.00
406.00
-2.15
HSFO 380cst
35.25
37.25
404.65
405.65
+1.50
South Korea
$/t
HSFO 180cst
Low
High
±
438.75
439.75
-3.00
Japan
$/t
HSFO 180cst
oil for 7-9 June loading from Mumbai. The tender closes on
Low
High
±
441.35
442.35
-3.00
Indonesia
cargo for loading during 19–21 May from Mumbai, through a
two options — either a 33,000t fuel oil cargo with maximum
4pc sulphur and 380cst viscosity, or a combination cargo
consisting of 25,000t of maximum 3.8pc sulphur 380cst fuel
oil and 8,000t of maximum 4.8pc sulphur 280cst fuel oil. But
Thailand's state-owned PTT has concluded its spot tender
ing from Sriracha at around a $13-15/t discount against the
average of Singapore 380cst 3.5pc sulphur spot assessments,
according to a source with knowledge of the matter. The
around a high-teens discount against the same pricing basis.
cargo is expected to have a maximum sulphur content of
0.5pc and 180cst viscosity. The tender closes on 26 May with
±
0.45%S fuel oil V-1250
$/t
Low
High
Low
High
±
-23.85
-23.65
458.56
458.76
+2.66
Singapore
$/t
HSFO 180cst swaps
Jun
Jul
Aug
3Q25
4Q25
1Q26
Low
High
±
430.50
416.50
404.25
405.50
385.50
383.50
431.50
417.50
405.25
406.50
386.50
384.50
-2.00
-0.50
+0.25
nc
+1.75
+2.50
Low
High
±
423.75
407.50
393.75
395.50
373.75
370.25
424.75
408.50
394.75
396.50
374.75
371.25
-2.75
-1.00
-0.25
nc
+2.00
+2.50
Singapore
$/t
HSFO 380cst swaps
Jun
Jul
Aug
3Q25
4Q25
1Q26
Singapore
Jun
Jul
Aug
$/t
Low
High
±
482.75
474.25
468.75
483.75
475.25
469.75
+3.50
+3.50
+3.25
$/t
380cst Fuel oil east-west June spread
0.5%S Fuel oil east-west June spread
Copyright © 2025 Argus Media group
Page 6 of 14
21.50
35.25
Argus
Issue 25-97
|
Monday 26 May 2025
CHINA OIL PRODUCTS
Gasoil 0.001% (10ppm)
China transportation fuels
Yn/t (inc. tax)
The Chinese oil product market was very active today, with
prices for shipped diesel and gasoline cargoes rising. Diesel
spot cargoes are tight, and trading houses' tanks are low,
traders in southern China said.
trucked 92R gasoline price rose by 28 yuan/t to Yn7,503/t,
while their trucked diesel price rose by Yn19/t to Yn6,589/t.
$/bl (exc. tax)
Bohai fob
6,510
85.07
Yangtze River Delta (YRD) ex tank
6,662
86.60
Bohai-YRD freight
115
2.15
YRD-freight-Bohai (arbitrage)
37
-0.62
Singapore fob
NA
79.20
Singapore-Bohai (arbitrage) exc.
freight
NA
-5.87
Yn/t (inc. tax)
$/bl (exc. tax)
92R Gasoline
(CFPP) seaborne diesel cargoes as of publication time. They
also sold some -35°C CFPP diesel cargoes, although the quangasoline was also sold today.
Argus-assessed shipped cargo gasoline prices in the area rose
by Yn40/t to Yn7,443/t, while diesel prices rose by Yn75/t to
Yn6,510/t.
told Argus. Currently, China’s gasoline and diesel export
margins to Singapore are -$6/bl and -$11/bl, respectively,
Argus data show.
China fuel oil and bunkers
China's bunker fuel prices for delivery in June edged down.
remained largely stable because of tight supply in Zhoushan
and Shanghai ports.
Reported volumes for very low-sulphur fuel oil (VLSFO)
in Zhoushan were concluded at 4,070t, similar to the 4,350t
Bohai fob
7,443
76.75
Yangtze River Delta (YRD) ex tank
7,592
78.00
Bohai-YRD freight
115
1.90
YRD-freight-Bohai (arbitrage)
34
-0.65
Singapore fob
NA
75.80
Singapore-Bohai (arbitrage) exc.
freight
NA
-0.95
South China fuel oil fob
HSFO 180cst barge ex-terminal
Copyright © 2025 Argus Media group
High
±
3,660
3,680
-10.00
South China fuel oil c+f
$/t
Low
High
±
Jun
438.35
440.35
-2.90
Jul
424.35
426.35
-1.40
Aug
412.10
414.10
-0.65
Bunkers 380cst
$/t
Low
High
Mid
±
Singapore
-
-
430.00
-4.00
Singapore 0.5%
-
-
500.15
-0.45
450.00
455.00
452.50
-4.00
+1.00
Ulsan/Busan/Yeosu
Fujairah
marine gasoil (MGO) were reported at $610-620/t.
In Zhoushan, the selling indication for high-sulphur fuel
oil (HSFO) was at $437/t, but the supplier did not disclose
tween VLSFO and HSFO prices, there widened to $69/t from
$66/t in the previous session.
Spot demand for VLSFO in Shanghai fell by 2,800t from
23 May to 4,800t, and the price there fell by $1.50/t to
$505.50/t.
yuan/t
Low
-
-
414.00
Hong Kong
440.00
450.00
445.00
nc
Shanghai
435.00
445.00
440.00
-5.00
Qingdao
475.00
485.00
480.00
+5.00
Bunkers 500cst
Singapore
Page 7 of 14
$/t
Mid
±
426.00
-4.00
Argus
Issue 25-97
|
Monday 26 May 2025
FREIGHT ROUTES
Freight snapshot (full view in Argus Tanker Freight)
Mideast Gulf-Singapore
Fuel oil
Size t
80,000
$/t
22.76
Mideast Gulf-Singapore
Size t
$/bl
Gasoline
35,000
3.70
Mideast Gulf-Singapore
Size t
$/bl
Gasoil
55,000
3.94
Jet
55,000
3.73
Indonesia-Japan
Size t
$/t
Fuel oil
80,000
13.58
Mideast Gulf-Japan
Size t
$/t
Naphtha
55,000
45.53
Naphtha
75,000
40.19
Singapore-Japan
Size t
$/t
Clean products
30,000
20.60
Singapore-Japan
Size t
$/bl
Gasoil
30,000
2.76
Jet
30,000
2.61
The full range of tanker freight assessments, news & analysis and exclusive tools is available in Argus Tanker Freight.
For more details, please e-mail: FreightTeam@argusmedia.com
Singapore HSFO 380cst vs 180cst
Copyright © 2025 Argus Media group
$/t
Singapore 92R gasoline vs Singapore Marine fuel 0.5%S $/t
Page 8 of 14
Argus
Issue 25-97
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Monday 26 May 2025
OIL PRODUCT CRACK SPREADS
$/bl
Oil Product crack spreads
Period
$/bl
Jun
Jun
Jun
Ice Brent crude
$/t
1-15 Aug
Ice Brent crude
$/bl
-
$/bl
-
METHODOLOGY
-
-
Argus
Copyright © 2025 Argus Media group
Page 9 of 14
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Issue 25-97
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Monday 26 May 2025
DEALS AND TENDERS
Deals done
Seller
Buyer
Product
Volume
GS Caltex
Unknown
Gasoil
300,000 bl
Unipec
Gasoline 92R Singapore
200,000 bl
Price $
Timing
Mops
-1.35
09 Jun-13 Jun
Mops
+1.30
11 Jun-15 Jun
Formosa Petrochemical
Unknown
Unknown
Jet Fuel
300,000 bl
Mops
-0.10
21 Jun-25 Jun
GS Caltex
Naphtha
25,000t
MOPJ
+11.50
01 Jul-30 Jul
Unknown
GS Caltex
Naphtha
25,000t
MOPJ
+12.50
01 Jul-30 Jul
Unknown
GS Caltex
Naphtha
25,000t
MOPJ
+18.00
01 Jul-30 Jul
Issued tenders
Issuer
Trade
Timing
fob/cfr location
Close
Valid
Ceypetco
Buy 1,400,000bl of 500ppm sulphur gasoil
1 Jun - 30 Nov
cfr Colombo
22 Apr
21 Jun
Somo
Sell 5,283,000t of max 5.3% sulphur fuel oil
1 Jul - 31 Dec
fob Khor al-Zubair
25 May
14 Jun
Somo
Sell 855,000t of heavy fuel oil
1 Jul - 31 Dec
fob Khor al-Zubair
18 May
07 Jun
Pertamina
Sell 250000-700000bl of 90R gasoline
1 Jul - 31 Dec
all origin
20 May
30 May
Pertamina
Sell 100000/200000bl of 90R gasoline
1 Jul - 31 Dec
fob Aabonraa
20 May
30 May
Pertamina
Sell 100000-500000bl of 92R gasoline
1 Jul - 31 Dec
all origin
20 May
30 May
Pertamina
Sell 100000-7000000bl of 90R gasoline
1 Jul - 31 Dec
strict origin
20 May
30 May
Pertamina
Sell 100000-7000000bl of 92R gasoline
1 Jul - 31 Dec
strict origin
20 May
30 May
Ceypetco
Sell 35,000t of 2pc sulphur 180cst fuel oil
4-5 Jul
fob Colombo
27 May
30 May
HPCL
Sell 33,000t of max 4.1pc sulphur fuel oil
7-9 Jun
fob Mumbai
27 May
27 May
BPCL
Sell 33,000t of naphtha
9-10 Jun
fob Mumbai
26 May
26 May
Sell 250,000bl of 10ppm 92R gasoline
25-29 Jun
fob Mailiao
26 May
26 May
Sell 10,000t of max 0.5pc sulphur 120cst fuel oil
4-6 Jun
fob Nghi Son
26 May
26 May
YNCC
16-30 Jul
cfr Yeosu
26 May
26 May
YNCC
1-15 Jul
cfr Yeosu
26 May
26 May
Formosa Petrochemical
NSRP Limited
Liability Com-
Copyright © 2025 Argus Media group
Page 10 of 14
Argus
Issue 25-97
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Monday 26 May 2025
NEWS
Petrochemical producer Lotte Chemical Indonesia (LCI) is
week after starting up its new 1mn t/yr naphtha cracker in
Merak, northwest of Java, on 23 May.
ing the ramp up of the cracker and is expecting to achieve
according to sources close to the company.
LCI failed its
to start-up the new cracker
on 21 May. The cracker may operate at 60pc capacity to
polypropylene plant and its existing 450,000t/yr polyethylene plant at the same complex, said market sources.
LCI will become the second and largest cracker in
Asri’s 900,000t/yr cracker in Cilegon, northwest of Java. The
start-up of the cracker is of particular interest because this
pore, which primarily consist of gasoline and diesel.
The statement was also made a day after Pertamina
president director Simon Aloysius Mantiri said that Pertamina
is reviewing the possibility of shifting part of its oil and gas
imports from other countries to the US. But the primary
concern lies in the longer distance and delivery times associated with US shipments, including any risks of disruptions
that could hinder the country's energy security, Mantiri said.
new gasoline tenders, two of which exclude Singapore as
a port of origin option. The tenders closed on 20 May but
tender documents also state that the cargo origin should be
Import challenges
It is “extremely unfeasible” for Indonesia to import gasoline
from the US, gasoline traders in Singapore told Argus, citing
expensive freight costs and logistical challenges. The US like-
imports, market participants said.
Indonesia is the largest importer of ethylene and
propylene in southeast Asia and the second-largest in Asia
after China. The country imported 925,327t of ethylene and
284,937t of propylene in 2024. China imported 2.23mn t/yr
of ethylene and 2.02mn t/yr of propylene in the same year.
By Toong Shien Lee & Cara Wong
they added. The US itself is a key gasoline demand hub and
Indonesia pushes for US fuel imports
in the two countries, where they are subsequently blended
other regions including Asia and Europe. Finished gasoline
Singapore, along with Malaysia, is also one of the biggest
gasoline suppliers to Indonesia because of the region’s role
Indonesia’s state-owned Pertamina is assessing the potential for importing oil products from the US, in line with the
energy ministry’s directive to increase fuel purchases from
with Washington.
Indonesia’s energy minister Bahlil Lahadalia has urged
state-owned Pertamina to proceed with fuel imports from
the US despite existing logistical challenges, according to
the country’s state news agency on 23 May.
The minister’s remarks comes as Indonesia seeks to
persuade the Trump administration to lower the “reciprocal”
countries are typically delivered to Indonesia within a few
days, compared to a possible 40-60 day voyage from the US.
This shift in trade policy could be more realistically
applied toward increasing the share of US crude imports,
particularly allowing Pertamina expand its intake of US WTI
crude. Pertamina’s crude slate currently primarily consists of
light and medium sweet grades, mostly West African grades,
along with some occasional WTI cargoes.
By Asill Bardh and Cara Wong.
There is no reason Indonesia cannot import fuel from the
US, he said, noting that the country already imports lique-
Trump condemns ‘crazy’ Putin after attacks
reducing Indonesia’s reliance on fuel imports from Singa-
US president Donald Trump has launched one of his strongest condemnations to date of Russia’s conduct of its war in
Ukraine, after large-scale missile and drone attacks on Kyiv
over the weekend.
“I’ve always had a very good relationship with Vladimir
Copyright © 2025 Argus Media group
Page 11 of 14
Argus
Issue 25-97
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Monday 26 May 2025
Putin of Russia, but something has happened to him. He has
gone absolutely CRAZY!” Trump said on his social media
platform on 25 May.
“He is needlessly killing a lot of people… Missiles and
drones are being shot into Cities in Ukraine, for no reason
whatsoever,” Trump said.
Russia launched almost 90 ballistic and cruise missiles as
well as over 500 drones against Kyiv and other Ukrainian cities on the nights of 24 and 25 May, killing dozens of civilians
in what was one of the largest combined attacks since the
India's southwest monsoon rains have arrived today, setting
in over Kerala eight days ahead of the normal date, making
this the earliest onset since 2009.
Rains have also set in over northeastern parts of the
country, which is twelve days earlier than usual, India's me-
hour phone call last week, during which the Russian leader
. The EU on 20
May imposed a 17th round of sanctions on Russia, target-
India and is a key determinant of farmer demand for fertilizers in the summer Kharif period, as well as reservoir levels
heading into the winter Rabi months.
By Harry Minihan
better-than-average this season, at 105pc of the long-term
Trump has condemned Russian attacks on Kyiv in the
nian president Volodymyr Zelensky, who said at the weekend
Ice Brent crude futures climbed, after trade tensions be-
“President Zelenskyy is doing his Country no favors by
talking the way he does. Everything out of his mouth causes
By Kevin Foster
Chinese private petrochemical producer Wanhua Chemical
will shut its 1mn t/yr No.1 propane-fed ethylene cracker in
threats of puni-
.
Wanhua Chemical will keep its 1.2mn t/yr No.2 naphtha
and ethane-fed cracker
Wanhua Chemical's No.1 cracker consumed around 2.9mn
t/yr of propane before the conversion, and will consume
state-owned Adnoc and Wanhua Chemical, currently operates three very large ethane carriers (VLEC) out of the nine
VLECs ordered in 2024.
Wanhua Chemical also operates the 750,000 t/yr No.1
1.9mn t/yr of propane.
social media platform Friday, citing lack of progress in trade
talks with the EU.
But Trump quickly walked back the threats on 25 May,
dent Ursula von der Leyen.
"Europe is ready to advance talks swiftly and decisively,"
von der Leyen said in a statement on social media platform
9," she added.
mostly concentrated in chemicals, machinery and vehicles,
and "other manufactured goods", data show.
All imports from the EU have been subject to a 10pc
on imports of steel, aluminum, cars and auto parts. Trump
Copyright © 2025 Argus Media group
Page 12 of 14
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Issue 25-97
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Monday 26 May 2025
until 8 July.
nations
By YouLiang Chay
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Marine fuel spot deals
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whether their purchases align with other
buyers and for suppliers to benchmark
their spot pricing against competitors.
Join the Argus Biofuels
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records per day, detailing key transaction
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deal size, price, delivery method, and
delivery dates.
Scan the QR code
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Monday 26 May 2025
Methodology
Argus uses a precise and
transparent methodology to
assess prices in all the markets
it covers. The latest version of
Contents:
Methodology can be found at:
www.argusmedia.com/methodology.
For a hard copy, please email
info@argusmedia.com, but
please note that methodologies
are updated frequently and for
the latest version, you should
visit the internet site.
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