TEST FROM BANK OF CANADA, PLEASE IGNORE

MNI BRIEF: US Existing Home Sales Fall 5.4% To 3.89M In June

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

US Treasury Auction Calendar

BoC Data Watch

EZ/UK T-Bill Calendar: 26-Week GTB Auction on Wednesday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

FGE Expect Lower Run Rates in Asia Amid Weaker Margins

OIL
Energy BulletsHomepageBulletCommodities

FGE has cut the forecast for crude processing rates in Asia by about 200kb/d in May and June according to a note from April 26.

  • The cut is partly due to expectations of lower runs from exporters in South Korea and Taiwan amid weaker margins.
  • “With the weakening product markets and deteriorating refining margins in recent weeks, the next big question in the oil market is where would we start to see run cuts?”
  • The Singapore Gasoil to Dubai crack has fallen from a high of $28.6/bbl in February to the lowest since May 2023 around $14.0/bbl according to Bloomberg.
100 words

To read the full story

Close

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.

FGE has cut the forecast for crude processing rates in Asia by about 200kb/d in May and June according to a note from April 26.

  • The cut is partly due to expectations of lower runs from exporters in South Korea and Taiwan amid weaker margins.
  • “With the weakening product markets and deteriorating refining margins in recent weeks, the next big question in the oil market is where would we start to see run cuts?”
  • The Singapore Gasoil to Dubai crack has fallen from a high of $28.6/bbl in February to the lowest since May 2023 around $14.0/bbl according to Bloomberg.