Solar water heater prices have dropped to a one-month low, now spot water heater prices are around $26.3 per barrel, and refining profit margins are also being squeezed very low, closing at about $49. Looks like the window quotes have been lowered again.

Interestingly, opinions on supply vary across regions. Some refineries in Northeast Asia want to increase processing rates next month due to increased crude oil feedstock, but some companies haven't secured crude oil supplies. At the same time, Australia's April diesel imports are expected to increase by 50% month-on-month, which is also putting downward pressure on diesel prices.

However, aviation fuel has supported some trading sentiment. As the global peak summer demand season approaches, jet fuel supply is becoming increasingly tight. Singapore recently closed two jet fuel deals, but no one is taking diesel. The price gap between East and West has been fluctuating recently and is quite unstable.

On the fuel oil side, both high sulfur and ultra-low sulfur spot premiums have narrowed, with the Hi-5 spread significantly shrinking to about $47 per ton, mainly because low sulfur fuel oil has fallen more sharply than high sulfur. Naphtha prices continue to decline, with vessel cargo prices dropping from $1135 in late May to $1088, compared to a Brent crude oil premium of $129. As for gasoline, it has fallen from a multi-year high of $124.10 to around $119. This adjustment still depends on the situation in the Strait of Hormuz.