May 27, 2024 09:30 GMT
Middle East Refining Capacity to Weigh on Singapore Gasoil Cracks
OIL PRODUCTS
An East of Suez gasoil surplus including Asia and the Middle East will expand 270,000 bpd y/y in June-August as new Middle East refineries ramp up according to FGE.
- FGE expects surging East-West freight rates and Northwest European stock builds to create downward pressure for Singapore gasoil cracks through the middle of Q3.
- Asia’s jet fuel/kerosene market fundamentals are firming on the back of arbitrage opportunities for shipping the fuel from Asia to Europe ahead of the peak summer season for air travel FGE added.
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