Middle-distillate markets have stayed structurally tight through the first half of the year, with EN590 10ppm gasoil and Jet A-1 cracks holding well above their five-year seasonal range.
What is driving the strength
Three forces are compounding: a heavier-than-usual refinery maintenance schedule across the Middle East and Asia, resilient aviation demand as long-haul capacity normalises, and disciplined OPEC+ crude supply keeping feedstock economics firm.
Implications for buyers
For importers and distributors structuring term supply into the second half, we see value in locking optionality now rather than chasing the prompt. Well-structured offtake — with flexible nomination windows and clear quality specifications — is the difference between a resilient supply book and one exposed to every crack-spread spike.
Origination discipline matters most when the market is tight. That is where relationships and structure create real, measurable value.