Page 31 - Policy & Economic Report - June 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 15: Refining Margins ($/bbl)

Source- Argus and OPEC

The Southeast Asia gasoline 92 crack spread against Dubai rose with elevated refinery maintenance
activities in the region and lower gasoline arrivals in Singapore. However, the recovery in refinery runs
could put pressure on gasoline margins going forward. The product’s margin averaged $11.38/b in May,
up $3.86, m-o-m, and $4.39, y-o-y.

Figure 16: Singapore crack Spreads vs. Dubai ($/bbl)

Source- Argus and OPEC

The Singapore gasoil crack spread reached a four-month high in May. Moreover, gasoil margins nearly
matched those of jet/kerosene as the crack spread gap between the two products practically eroded in
May. Subdued gasoil exports from China, elevated refinery maintenance activities between April and May,
and relatively limited gasoil imports into Singapore contributed to the positive outcome. The upcoming
monsoon season in Asia does point to further downside risk in gasoil consumption and crack spreads, as
intense rainfalls could slow agricultural activities. The Singapore gasoil crack spread against Dubai
averaged $13.92/b, up $4.41, m-o-m, and $2.36, y-o-y.

June 2025 Page | 30