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Asian Product Market - November 2017

Source: OPEC 12/12/2017, Location: Asia

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Asian product crack spreads in October are on a gradual downward trend, despite solid regional demand and some support from naphtha and ongoing refinery maintenance work offset by supply side pressure due to Petrochina’s Yunnan refinery capacity addition. Additional pressure also emerged from the exhaustion of Chinese product export quotas, which limited refineries and traders export volumes.

The Asian gasoline crack spread dropped m-o-m showing a $1.86/b dip for Gasoline 92 and a $2.07/b dip for Gasoline 95. At the same time, Asian gasoline cracks showed a 86˘/b y-o-y gain for gasoline 92 and 60˘/b y-o-y gain for Gasoline 95. In the month of October, gasoline cracks weakened seasonally, however they remained supported by strong domestic and regional demand from India and Japan. Furthermore, Naphtha cracks also strengthened on strong petrochemical feedstock demand during the month.

The jet/kerosene crack spread in Asia declined by $1.4/b from the previous month to average $14.32/b, receiving some support from strong regional demand from India. Y-o-y, the crack gained $1.90/b.

The gasoil crack spread in Asia dropped by 98˘/b over a month earlier to average $14.41/b but gained $2.33/b y-o-y, despite support from strong regional demand.

During the month, the fuel oil crack spread exhibited weakening, down by 47˘/b m-o-m, as demand of lower utility and bunker fuel dropped, amid higher western arbitrage volumes.

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