MGO-VLSFO spreads dominate the board; two Chinese HSFO prints look off; Durban MGO jumps

The distillate-residual gap is the story on today's board. Rotterdam MGO at $1,374 against VLSFO at $715 is a $659/mt spread; Houston is $656.50 (1,419.50 vs 763) and Fujairah $727 (1,694.50 vs 967.50). Singapore, at $391.50 (1,281 vs 889.50), is the narrowest of the major hubs. Brent closed at $105.74/bbl, WTI at $92.95 — a $12.79 differential — with EUA at €88.34/t. Market attention this week is on diesel availability and the ULSD crack, on the Hormuz situation, and on Black Sea premiums in Russian shadow-fleet freight.