High refinery runs are moving a bulge in supply downstream in Asia-Pacific and products storage is filling up. Strong products margins are encouraging regional refiners to boost throughputs (AGM, 6 February, p7). Sharp crude price falls have helped sustain diesel crack spreads at $18-21/bl in Singapore for most of the past three months. Japanese refiners have been running above 90pc of capacity for eight straight weeks for the first time in at least seven years. South Korean runs were an estimated 90-95pc of capacity last month, which if confirmed would be the first time since 2007 that throughputs have topped 90pc of capacity.
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