Page 36 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 22: Singapore crack Spreads vs. Dubai ($/bbl)

Source- Argus and OPEC

The Singapore gasoil crack spread trended downwards as weak gasoil demand continued to pose a
challenge and contributed to an oversupply even beyond the region. In China, a crisis in property markets
amid lower growth in the manufacturing sector weighed on gasoil consumption levels. Consequently,
some Chinese refiners have opted to reduce gasoil output due to low margins. Sinopec's Shanghai
Petrochemical, generally representative of China's integrated state-owned refineries, was reported to
have reduced its gasoil production by 24.9%, y-o-y, to 1.39 million metric tons in the first six months of
the year, as domestic demand for the fuel declined, while it raised jet fuel production by 51% to 1.23 mt
during the same period (Platts). The Singapore gasoil crack spread against Dubai averaged $9.90/b, down
$3.13, m-o-m, and $19.61, y-o-y.

Table 5: Singapore FOB, refined product prices ($/bbl) in September 2024

Singapore product prices Price ($/b) MoM (%) YoY (%)
change change
-5.9%
Naphtha 70.29 -3.4% -24.6%
-25.0%
Premium gasoline (unleaded 95) 82.87 -6.8% -31.2%
-32.6%
Regular gasoline (unleaded 92) 78.37 -7.4% -31.6%
-20.0%
Jet/Kerosene 84.43 -7.8%

Gasoil/Diesel (50 ppm) 84.14 -8.6%

Fuel oil (180 cst 2.0% S) 83.06 -8.0%

Fuel oil (380 cst 3.5% S) 64.94 -6.2%

Source- OPEC

October 2024 Page | 35