MNI China Daily Summary: Tuesday, December 31

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OIL PRODUCTS: Asian Refinery Maintenance Set to Slip into December

OIL PRODUCTS
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Asian refinery maintenance schedules show a slowdown in offline capacity, with offline CDU capacities falling from 2.3 Mbd in November to 1.5 Mbd in December according to IIR, signaling increasing availability of HSFO in the region.

  • The US HSFO market shows signs of support as refinery maintenance comes to a full stop in December according to IIR, driving an uptick in feedstock demand.
  • In the Middle East, fuel oil exports during the first 20 days of November have dropped nearly 50% to 2.2 Mt compared to full October volumes according to Kpler due to maintenance activities.
  • The overall European HSFO market remains poised for further losses, driven by growing replenishments and weak margin environments but Pernis and Greece’s MOH provide some support due to outages. 
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Asian refinery maintenance schedules show a slowdown in offline capacity, with offline CDU capacities falling from 2.3 Mbd in November to 1.5 Mbd in December according to IIR, signaling increasing availability of HSFO in the region.

  • The US HSFO market shows signs of support as refinery maintenance comes to a full stop in December according to IIR, driving an uptick in feedstock demand.
  • In the Middle East, fuel oil exports during the first 20 days of November have dropped nearly 50% to 2.2 Mt compared to full October volumes according to Kpler due to maintenance activities.
  • The overall European HSFO market remains poised for further losses, driven by growing replenishments and weak margin environments but Pernis and Greece’s MOH provide some support due to outages.