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Strong Middle Distillates Support Healthy Refinery Margins: FGE

REFINING

Overall refinery margins are expected to remain healthy due to strong middle distillates, such as gasoil and jet fuel and despite falling gasoline and high-sulfur fuel oil cracks according to FGE.

  • “This will incentivize complex refineries to run at reasonably high utilization rates that keep product markets adequately supplied.”
  • FGE expect a floor to Singapore’s gasoil cracks at 24-25$/bbl in Nov-Dec. Singapore’s hydrocracking and residue catalytic cracker margins over Dubai crude fell from double digits to 5.8$/bbl and 3.8$/bbl respectively last week
  • Europe is expected to see a wider gasoil deficit for the rest of 2023 compared to 2022 and to keep pulling volumes from Asia, amid heavy Middle East refinery maintenance in Nov-Dec.
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