Page 44 - FIPI - Policy & Economic Report May 2026
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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
product exports to the US and high feedstock costs, particularly at the start of the month, weighed heavily
on Northwest European product markets.
According to preliminary data, April refinery runs in EU-14, Norway and the UK increased by 440 tb/d to
an average of 9.51 mb/d. Refinery margins against Brent in Europe averaged $22.50/b in April, which was
$10.90 lower, m-o-m, and $15.89 higher, y-o-y.
Figure 17: Refining Margins ($/bbl)
Source: Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai rose due to tightening regional supplies.
Considerable refinery run cuts in key regional exporting plants and low crude arrivals resulted in a gasoline
availability crunch, pushing crack spreads upward. The margin averaged $22.24/b in April up $21.82/b, m-
o-m, and up $14.72/b, y-o-y.
Figure 18: Singapore crack Spreads vs. Dubai ($/bbl)
May 2026 Source: Argus and OPEC
The Singapore gasoil crack spread rose, although it lost notable momentum as gasoil arrivals and regional
refinery output remained suppressed in April. The global bullish sentiment in gasoil markets eased in April
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