MARKET EYE: Asia Refinery Runs to Remain Low

摘要

Asia-Pacific refiners will continue to keep utilization rates low for the rest of the year because of tepid demand, poor margins and a supply overhang. Export-oriented refiners in Singapore, South Korea and Taiwan are trimming crude runs and cutting back spot product exports, while Japanese refiners are operating at roughly 70% of capacity. And looking ahead, the situation will likely get worse, as new capacity comes on line in India, China and Vietnam.