[September 19, 2026] – According to Reuters, Asian 10-ppm diesel refining margins hit an all-time high of just over $87 a barrel (LSEG), versus about $22 before the war and a prior peak of $85.6 at end-March.
Meanwhile, front-month time spreads were at slightly more than $11 a barrel, hovering near a five-month high.
Front-month time spreads were a little above $11 a barrel, near a five-month high, as traders priced in tight regional product supply.
Asian refiners have already lifted crude runs and diesel output to capture those margins and have shipped more diesel to distant markets such as Africa to cover Western shortages.
The supply picture is turning: earlier extra exports from China, Korea and Japan had kept Asia well supplied, but fears over crude availability and Saudi disruption are now lifting Asian diesel and ending that insulation from the risk premium.
The market is watching for October run cuts or production cuts if Middle East tensions delay crude deliveries; only a handful of refiners have started October spot cargo sales, and it is unclear whether volumes will match August–September.
Read the full story on Reuters.
