Refined Products · Daily Price Assessment
Reforming Spread Spread
The latest Singapore paper reforming spread assessment is $24.30 per barrel for 4 September 2026, down $1.35 from the previous daily assessment (3 Sep 2026). Explore the historical price chart and recent daily assessments below.
Latest Reforming Spread Price
- Basis
- Singapore paper
- Unit
- USD/bbl
- Frequency
- Daily
- CS code
- CS-FWD-SIN-REFORM
What This Indicator Measures
Daily Singapore-paper reforming spread in USD/bbl: the difference between a gasoline swap and the naphtha swap for the same contract month, as published in the source.
Spreads (EFS, East–West, Hi-5, Reforming): A price difference between two related instruments as published in the loaded editions: Gasoil EFS (Singapore gasoil swap vs ICE gasoil futures), fuel-oil East–West (Singapore HSFO vs Rotterdam 3.5%), Rotterdam Hi-5 (0.5% vs 3.5%) and the Singapore reforming spread (gasoline vs naphtha). The sign convention follows the source.
What the source does not state for this series
- The loaded row does not state which gasoline grade (92 or 95 RON) the published spread uses; this page does not assume one.
Specification · stated by the source for this series
- Singapore paper · · M1 history
- Each spread has its own legs and unit; they are not interchangeable.
Basis: Singapore paper
- Paper/swap values are financially settled forward prices for a contract month, not physical cargo transactions.
- Singapore is a port and storage hub at the southern tip of the Malay Peninsula; Asian refined-product cargoes are commonly priced against Singapore loadings.
Unit: USD/bbl
- USD/mt or USD/bbl as stated; a spread can be negative.
Reforming Spread Price Chart
Available history 26 Jan 2026 through 4 Sep 2026 (125 observations). Monthly averages below use the midpoint of each published assessment.
Reforming Spread
Computed Summary
Statements below are calculated by CommodityScope from the loaded history only. Each one names its period and method; none explains why a value moved.
The latest assessment of $24.30/bbl on 4 Sep 2026 is down $1.35 (-5.3%) from the previous daily assessment (3 Sep 2026).
Method: Computed by CommodityScope as the difference between the two most recent loaded daily observations (1 calendar day apart).
It is 13.4% above the August 2026 average of $21.42/bbl, the most recent completed month with 20 daily observations.
Method: Arithmetic mean of the published daily midpoints in August 2026. Partial months are excluded from this comparison.
Over the loaded history (26 Jan 2026 – 4 Sep 2026), the highest assessment was $32.05/bbl on 9 Jun 2026 and the lowest was $-1.27/bbl on 27 Mar 2026.
Method: Minimum and maximum of the published midpoint over the loaded history (26 Jan 2026 – 4 Sep 2026, 125 observations). This is not an all-time record.
Price Changes and Historical Range
Published changes are copied from the source edition. Computed changes are CommodityScope calculations between loaded daily observations; the two are shown separately and may differ when an intermediate edition is not loaded.
Latest forward tenors
| Tenor | Contract | Bid | Offer | Mid |
|---|---|---|---|---|
| BALMO | Sep26 | — | — | 29.80 |
| M1 | Oct26 | — | — | 24.30 |
| M2 | Nov26 | — | — | 21.00 |
Monthly Reforming Spread Prices
Average, minimum and maximum of published midpoints in each calendar month. These are not the daily assessed low–high bands. Incomplete latest months are marked month to date.
| Month | Average mid | Min mid | Max mid | Observations |
|---|---|---|---|---|
| September 2026Month to date | 23.81 | 21.80 | 25.65 | 4 |
| August 2026 | 21.42 | 19.21 | 23.85 | 20 |
| July 2026 | 19.24 | 16.90 | 22.81 | 7 |
| June 2026 | 28.46 | 25.77 | 32.05 | 18 |
| May 2026 | 26.39 | 22.40 | 30.35 | 17 |
| April 2026 | 14.64 | 11.40 | 17.00 | 18 |
| March 2026 | 12.06 | -1.27 | 25.85 | 21 |
| February 2026 | 12.28 | 10.20 | 13.55 | 17 |
| January 2026 | 11.44 | 11.20 | 11.82 | 3 |
Recent Daily Assessments
Last 30 published assessments. The chart above is interactive; this table is the HTML history.
| Date | Low | High | Mid | Δ day (published) |
|---|---|---|---|---|
| 2026-09-04 | 24.30 | 24.30 | 24.30 | — |
| 2026-09-03 | 25.65 | 25.65 | 25.65 | — |
| 2026-09-02 | 23.50 | 23.50 | 23.50 | — |
| 2026-09-01 | 21.80 | 21.80 | 21.80 | — |
| 2026-08-31 | 23.17 | 23.17 | 23.17 | — |
| 2026-08-28 | 21.95 | 21.95 | 21.95 | — |
| 2026-08-27 | 21.75 | 21.75 | 21.75 | — |
| 2026-08-26 | 20.15 | 20.15 | 20.15 | — |
| 2026-08-25 | 20.70 | 20.70 | 20.70 | — |
| 2026-08-24 | 19.85 | 19.85 | 19.85 | — |
| 2026-08-21 | 21.05 | 21.05 | 21.05 | — |
| 2026-08-20 | 20.75 | 20.75 | 20.75 | — |
| 2026-08-19 | 23.05 | 23.05 | 23.05 | — |
| 2026-08-18 | 23.85 | 23.85 | 23.85 | — |
| 2026-08-17 | 22.47 | 22.47 | 22.47 | — |
| 2026-08-14 | 23.50 | 23.50 | 23.50 | — |
| 2026-08-13 | 23.35 | 23.35 | 23.35 | — |
| 2026-08-12 | 22.92 | 22.92 | 22.92 | — |
| 2026-08-11 | 21.39 | 21.39 | 21.39 | — |
| 2026-08-07 | 19.28 | 19.28 | 19.28 | — |
| 2026-08-06 | 19.25 | 19.25 | 19.25 | — |
| 2026-08-05 | 19.21 | 19.21 | 19.21 | — |
| 2026-08-04 | 20.80 | 20.80 | 20.80 | — |
| 2026-08-03 | 20.04 | 20.04 | 20.04 | — |
| 2026-07-31 | 20.15 | 20.15 | 20.15 | — |
| 2026-07-29 | 20.00 | 20.00 | 20.00 | — |
| 2026-07-21 | 17.65 | 17.65 | 17.65 | — |
| 2026-07-20 | 16.90 | 16.90 | 16.90 | — |
| 2026-07-10 | 16.90 | 16.90 | 16.90 | — |
| 2026-07-07 | 20.30 | 20.30 | 20.30 | — |
What This Singapore paper Price Represents
This page tracks the daily reforming spread on a Singapore paper basis, quoted in USD/bbl. Specification recorded: Singapore paper · · M1 history. Figures are CommodityScope Indicators synthesized from loaded market editions. They are not a live quote and not a republication of a price-reporting agency table.
How to use this series
- Read the level and direction of the differential over time.
What it is not suitable for
- Treating the spread as an arbitrage profit: it excludes freight, timing and quality adjustments.
Compare With
Each comparison states why the series are related and whether the latest values can be subtracted directly (same unit, currency and assessment date). Where they cannot, the values are shown side by side without a difference.
| Series | Why compare | Latest | Difference (this − other) |
|---|---|---|---|
| Gasoline 92 Forward Singapore paper · USD/bbl · daily | 92 RON gasoline swap for context; the source does not confirm that this is the gasoline leg of the published spread. | 121.10 4 Sep 2026 | -96.80 |
| Naphtha Forward Singapore paper · USD/bbl · daily | Naphtha swap leg. | 91.30 4 Sep 2026 | -67.00 |
Sources and Methodology
CommodityScope publishes this page as a derived indicator from loaded physical-market editions. It does not republish a price-reporting agency table and does not claim authorship of the underlying source assessments. Update cadence follows the daily series. Internal series code CS-FWD-SIN-REFORM.
CS Indicator policy and derived-data rules.
Sources for the explanations on this page
- CommodityScope methodology — derived-indicator rules and computed statistics
- ICC Incoterms® 2020 rules (FOB, CFR, CIF, FCA definitions) — Meaning of the delivery terms used in the basis column.
Origin of the numbers: loaded market editions (see Basis and Unit above). Origin of the computed statistics: CommodityScope, from the loaded history, using the rules on the methodology page.