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UBS Investment Research
Asia Oil Explorer
PX-naphtha surges to US$734/t
Strength in BTX
PX spread (to naphtha) rose 25.4% to close at US$734/t, while benzene spread rose
14.4% to close at US$249/t. The Reuters Singapore complex refining margin index
averaged US$6.3/bbl last week, down from US$6.5/bbl the previous week. Both
gasoline and fuel oil spread versus Dubai were down US$0.8/bbl WoW, while
diesel spread rose US$0.2/bbl to US$14.9/bbl.
US crude stocks fall for the sixth week
Brent prices rose 5.2%, ending last week at US$98.1/bbl, while WTI crude oil
prices rose 4.0%, ending last week at US$91.5/bbl. The strength of Brent and US
equities helped US crude end higher. According to the US Department of Energy
(DOE) for the week ended 7 January, crude inventories fell 2.2mbbls to
333.1mbbls versus Reuters’ consensus of a 1.1mbbls draw. Crude inventories have
declined by 26.6mbbls over the past six weeks, the biggest six-week decline since
January 2008. Products inventories rose more than expected, with gasoline stocks
piling up by 5.1mbbls and distillate stocks by 2.7mbbls.
Integrated stocks have outperformed in the past month
For the month ended 14 January and based on simple average performance,
integrated stocks in Asia under UBS coverage rose 4.6%, while, on an average,
both refining and E&P stocks fell 1.8%.
Top picks
Our Most Preferred stocks in Asia are PetroChina, SinoTech, S-Oil, Thai Oil, Essar
Oil, and Formosa Chemicals & Fibre.
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