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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL PRODUCTS
Gasoline Margins in Asia have more than halved over the past month, in what should be region’s peak season, weighed on by slower demand in major consuming nations such as Indonesia according to Bloomberg.
- Indonesia’s gasoline consumption has been around 635kbpd this month, lagging pre-pandemic levels in 2019 by 11kbpd, data from Rystad Energy showed. Indonesia typically sees gasoline imports jump ahead of the Eid festival, which are taking place over the weekend.
- Crack spreads have more than halved in Singapore over the past month to the lowest level since December, according to data from Bloomberg Fair Value.
- Some refiners in Asia are already considering cuts to processing as margins for producing diesel sink, with weakness in gasoline adding to a bearish outlook for crude, even after OPEC+ pledged surprise output cuts. Increased fuel exports from China are also adding to the region’s supplies, traders said.
- Imports of the fuel across Southeast Asia in April have been 6% lower than five-year seasonal average, Kpler data showed.
- At Asia’s oil storage hub of Singapore, stockpiles of light distillates — a category that includes gasoline — are at the highest level for this time of the year since 1995, according to data from the government.
- China has exported the motor fuel at a rate of 265kbpd in April, the highest volume this year, Kpler data showed.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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