Asian refiners lowering throughputs on tumbling margins.

摘要

Asian refiners are considering reducing output after margins slumped to their lowest for the season since 2003, according to industry sources and Refinitiv data, due to rising crude prices. Margins are more than $3/bbl lower than the average for the past decade. Spot crude cargoes have sold at multi-year-high premiums as US sanctions on Iran and Venezuela reduced supplies for Asia while contaminated Urals crude boosted Brent prices. Additionally, excess supplies of gasoline and naphtha have squeezed margins further. Asia's naphtha crack on May 22 hit a six-month low at a discount of about $9/bbl to Brent, lower than that for fuel oil.