Monthly APAC Chart Pack
October 2026
Take a step back with our monthly chart pack, where analysts highlight the most important trends and visuals shaping the oil market.
Oil Narrative
Crude
Middle Distillates
Light Ends
Fuel Oil
Freight
APAC Chart Pack: October
Introduction
Physical crude and freight markets have hit extremes as geopolitical tensions and supply disruptions collide. TD3c Ras Tanura-Ningbo freight costs reached 33$/bbl in September, crushing Asian refining margins. Meanwhile, China's buying crude but holding back product exports, creating temporary strength in SG 10 E/W. Suezmaz TD20 jumped from WS250 to WS878. The key question: how long does this tightness last, and when do margins recover?
"The physical crude and freight markets have pushed to extremes. The dirty freight markets continued a dizzying upward ascent to take a large percentage of the delivered costs to Asian refineries."
June GohSenior Oil Market Analyst
June Goh is a seasoned oil professional, with roles spanning Refining, Trading & Supply and Strategy over her 18 years at Shell. She has done refinery scheduling, crude and feedstock optimisation and market analysis for both short term and long term price forecasting.
