Page 35 - Policy Economic Report - August 2025
P. 35
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Figure 17: Refining Margins ($/bbl)
Source- Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai declined, showing losses for the third
consecutive month, with rising refinery output within the region and lengthened gasoline balances
exerting downward pressure on gasoline margins. The margin averaged $7.08/b in July, down $3.80, m-
o-m, and down $1.40, y-o-y.
Figure 18: Singapore crack Spreads vs. Dubai ($/bbl)
Source- Argus and OPEC
The Singapore gasoil crack spread kept its upward momentum and reached a new multi-month high in
July, outperforming all other products to become the main margin contributor. Moreover, the gasoil crack
spread differential widened in July as gasoil margins continued to outperform those of jet/kerosene due
to a contraction in gasoil availability. The middle distillate market tightness in the northern hemisphere
added support as it provided an arbitrage opening for middle distillate flows from Asia to the Atlantic
Basin. The Singapore gasoil crack spread against Dubai averaged $18.90/b, up $1.57, m-o-m, and $3.61,
y-o-y.
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