Market Eye: Turnarounds Fail to Spur Asian Middle Distillates

摘要

Refining turnarounds in the Asia-Pacific region have failed to stem the slide of Asian middle distillate markets, which have slumped due to a combination of oversupply and weak demand. The Singapore jet spot price differential plunged by $1.05 per barrel over the past month to a discount of 10￠/bbl to Singapore quotes on Mar. 25, its weakest level in more than three months. For gasoil, the spot price differential fell to parity to Singapore quotes on Mar. 13, its lowest level in a month and a half. In more recent days it rebounded slightly but then sank back again to parity to Singapore quotes on Mar. 27.