I just reviewed the Asian energy market numbers, and things look quite weak this week. The spreads are compressing everywhere, especially in fuel oil contracts: that inverted April-May spread went from over $43 to just $30, a pretty significant drop.

What's interesting is that gas oil is also hitting three-week lows. The 10ppm gasoil crack spread plummeted to $54.7 per barrel, and traders remain nervous about whether physical delivery will face issues in the Strait of Hormuz. That is limiting how much prices can fall beyond that.

Naphtha also didn't escape: it dropped about $170 to $1,100 per ton, following the downward trend of crude oil. Although the spread between May and June deliveries remains high at $129, the crack spread relative to Brent stays at multi-year highs around $385.

Anyway, shipowners are still waiting for more clarity before resuming transit through Hormuz. Uncertainty remains the main factor holding back stronger movements in gas oil and the rest of the market. Let's see what happens in the coming days.