Diesel/Gasoil
Diesel and gasoil are middle-distillate refined products used extensively in transportation, heating, and industrial power generation. European gasoil (EN 590) is a key benchmark traded on ICE, while ultra-low sulfur diesel (ULSD) dominates markets with strict emissions regulations.
- EN 590 (10ppm)
- ULSD
- D2 Gasoil
- 500ppm Sulfur
- FOB
- CIF
- CFR
- DAP
Diesel/Gasoil, in brief.
- Common origins
- Russia
- Saudi Arabia
- United States
- India
- South Korea
- Common destinations
- Europe
- Brazil
- Australia
- Nigeria
- Singapore
- Grades and specifications
- EN 590 (10ppm)
- ULSD
- D2 Gasoil
- 500ppm Sulfur
- Incoterms
- FOB
- CIF
- CFR
- DAP
- Unit of measure
- Metric Tons
What moves Diesel/Gasoil pricing
Middle distillates price off ICE Gasoil futures (the EU benchmark for 10ppm sulfur diesel) and NYMEX ULSD (NY Harbor heating oil). The diesel crack, gasoil minus Brent, is the key refining margin indicator. Price drivers include winter heating demand, trucking and rail freight activity (a leading indicator of industrial output), refinery turnarounds in NWE and Asia, and sanctions-related flow disruptions (Russian product caps, Red Sea routing). The EN590 winter spec and summer spec switch each impose temporary regional tightness.
How Diesel/Gasoil cargoes are priced and settled
Standard CIF NWE clean cargoes are 30,000 metric tons (about 220,000 barrels), reflecting MR tanker capacity. Pricing is gasoil futures plus a CIF Med or CIF NWE differential averaged over a 5-day pricing period. ARA barge trade settles in 1,000-3,000 ton lots against the same benchmark. Letter of credit at sight is the standard payment instrument.
Diesel/Gasoil specifications and dispute practice
EN 590 (10 ppm sulfur), ULSD (15 ppm US), and D2 (500 ppm) are the dominant grades. Disputes turn on cold flow properties (CFPP, cloud point), cetane index, lubricity additives, and total contamination. Off-spec cargoes typically discharge at distress prices or get reblended at terminal: buyer's choice subject to GAFTA-style quality clauses.
Where Diesel/Gasoil comes from and where it goes
Major exporters: Russia (until 2022 sanctions reshaped flows), Saudi Arabia, India (Reliance Jamnagar, Nayara), South Korea, and the US Gulf. Major importers: Europe (especially after Russia decoupled), Brazil, Australia, West Africa, and Singapore as a regional blending hub. Singapore 10ppm and Singapore 0.5% are the dominant Asian benchmarks.
Who trades Diesel/Gasoil?
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Related market pages.
- Crude Oil (Brent)Brent crude is the leading global price benchmark for Atlantic basin crude oils. Extracted from the North Sea, it serves as the reference price for approximately two-thirds of the world's internationally traded crude oil supplies. Brent is a light, sweet crude prized for its relatively low sulfur content and ease of refining.
- Crude Oil (WTI)West Texas Intermediate is the primary benchmark for North American crude oil pricing. WTI is a light sweet crude with an API gravity of around 39.6 and sulfur content below 0.24%, making it ideal for gasoline refining. It is delivered and priced at Cushing, Oklahoma.
- Fuel OilFuel oil is a heavy residual product of crude oil refining, used primarily in marine bunkering, power generation, and industrial heating. The IMO 2020 regulation shifted demand toward very-low-sulfur fuel oil (VLSFO), while high-sulfur fuel oil (HSFO) remains traded for scrubber-equipped vessels.
- Jet Fuel (Aviation)Jet fuel, primarily Jet A-1, is a kerosene-type aviation turbine fuel meeting stringent international specifications for flash point, freeze point, and thermal stability. Global demand exceeds 300 million metric tons annually, driven by commercial and military aviation.
- LPGLiquefied Petroleum Gas is a versatile hydrocarbon fuel comprising propane and butane, used in residential cooking, heating, petrochemical feedstock, and automotive fuel. LPG is transported in pressurized vessels and traded on both spot and term-contract bases from major Middle Eastern and US producers.
- LNGLiquefied Natural Gas is natural gas cooled to -162 degrees Celsius for efficient long-distance transport by specialized tankers. Global LNG trade has surged as nations diversify energy supplies. Major pricing hubs include the JKM (Japan-Korea Marker) and Henry Hub-linked contracts.
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