Participants in the Asia Platts jet fuel Market on Close assessment process concluded loading and discharging 1.464 million barrels of the middle distillate traded in February, the highest volume since September 2021, according to operational trade performance data compiled by Platts, part of S&P Global Energy.

The September 2021 volumes were at 2.23 million barrels, Platts data showed.

Market participants said at the time that the surge in trades was driven by open arbitrage opportunities arising from refinery closures on the USWC, as well as a strengthening regrade spread.

The Platts-assessed FOB Singapore physical regrade — the spread that measures the value of jet fuel over 10 ppm sulfur gasoil – widened 58 cents/b day over day to plus 69 cents/b on Feb. 27, the highest in over five weeks, Platts data showed.

The jump in activity, with cargo loading taking place at terminals in Singapore and Southern Malaysia, represented a 176.23% increase from 530,000 barrels traded in January, while it was up 484% year over year, Platts data showed.

A total of 13 cargoes changed hands in February, with Vitol (1.364 million barrels) and Gunvor (500,000 mt) the largest buyer and seller, respectively, according to the data.

Performance Tracking
Platts closely monitors performance on trades reported through the MOC assessment process as part of its ongoing commitment to upholding the highest standards of integrity and transparency.

As part of trade performance tracking, Platts has reviewed various aspects of performance, including timeliness of nominations, completion of loading, as well as other published parameters of the trades.

The table below shows performance-tracking details for all trades reported through the Asia jet fuel physical MOC process in February 2026.
Source: Platts