ASIA OIL MOC: Fuel oil, middle distillates trade volumes surge in H2 March, gasoline lags

Participants in the Asia Platts Market on Close (MOC) assessment process concluded the loading and discharging of FOB Singapore gasoline, middle distillates, and fuel oil cargoes traded over the second half of March 2026, with fuel oil and middle distillates posting significant year-on-year gains, while gasoline volumes declined over the same period, according to operational trade performance data compiled by Platts, part of S&P Global Energy.

Platts closely monitors performance on trades reported through the MOC process as part of its ongoing commitment to upholding the highest standards of integrity and transparency. Post-deal tracking has shown that full physical performance was completed on all the trades reported in the MOC in H2 March.

Middle distillates, fuel oil notch gains

For middle distillates, a total of 1.214 million barrels were traded over the last two weeks of March, up 15.2% month on month and 304.7% year on year. Jet fuel accounted for the lion's share of deals reported, with only a single gasoil trade, a 150,000-barrel cargo of 10 ppm sulfur gasoil, transacted in the second half of March.

A total of 10 cargoes changed hands during H2 March, with Vitol and Idemitsu the biggest buyers, while Gunvor and Ampol were the main sellers.

In fuel oil, H2 March trade amounted to 440,000 mt, up 37.5% month on month and 340% year on year. Only the 380 CST high sulfur fuel oil and marine fuel 0.5%S grades changed hands during this period, with the latter accounting for more than half of the trades.

The biggest buyers of FOB Singapore fuel oil cargoes during this time were PetroChina and Aramco, while Trafigura and Shell were the main sellers.

H2 March gasoline activity dips amid supply concerns

Gasoline traded volumes in H2 March totaled 350,000 barrels, down 72% month on month and 72% year on year.

The bulk of the volume comprised the benchmark 92 RON grade at 300,000 barrels, with 97 RON making up the rest.

During this period, BP, SK Energy, Vitol and Trafigura were on the buy side, while Aramco, OQ, SK Energy and PTT were sellers.

Performance tracking

As part of the performance tracking, Platts reviewed FOB Singapore oil products traded over H2 March and observed the timeliness of nominations, completion of loading, and other published parameters of the trades.

The table below shows performance tracking details of all trades reported through the Asia gasoline, middle distillates, and fuel oil physical MOCs in H2 March 2026.

Details of H2 March trades reported through the Asia gasoline physical Platts MOC:

Details of H2 March trades reported through the Asia jet fuel, gasoil physical Platts MOC:

Details of H2 March trades reported through the Asia fuel oil physical Platts MOC:

Source: Platts, traders