Singapore refining margins near nine-month low.

摘要

On July 16, the Singapore netback cracking margin was at $2.04/bbl, according to Platts data, the lowest in nearly nine months, though it rebounded to $2.10/bbl on July 20, largely due to gasoline. The margin was last lower than the July 16 level on Oct. 29, 2014, when it narrowed to $1.97/bbl. Poor gasoil margins were said to be a significant factor for low margins, with Singapore 500 ppm sulfur gasoil swap at a premium of just $9.35/bbl to the front-monfh Dubai crude swap on July 20, down from the session before (July 16, that is-Singapore's markets were closed on July 17 for a public holiday) by 46￠/bbl. Sources say that weak regional demand for gasoil-together with a relendess stream of exports from China-have severely depressed gasoil margins in Asia.