Page 31 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 11: Refining Margins ($/bbl)

Source- Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai remained nearly flat, as stronger regional
demand in October managed to outweigh the pressures from challenging East-to-West export
opportunities witnessed in the previous months. Refinery outages within the region contributed to higher
buying interest for gasoline volumes from Singapore, amid tight Chinese export quotas. This upside,
however, is expected to be short-lived when refineries in Asia return online. Additionally, projections of
rising refinery runs in the Atlantic Basin and winter-season related demand pressures are set to correct
the negative dynamic of Asian crack spreads in the near term. The product’s margin averaged $4.99/b in
October, up 1?, m-o-m, and $1.09, y-o-y.
Figure 12: Singapore crack Spreads vs. Dubai ($/bbl)

Source- Argus and OPEC Page | 30

November 2024