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UBS Investment Research
Asia Oil Explorer
Asia refining margins reach 22-month high
Refining margins at highest level since Feb 2009
The Reuters Singapore complex refining margin index averaged US$7.6/bbl last
week, up from US$6.3/bbl the previous week. Diesel and fuel oil spread versus
Dubai were up US$1.8/bbl and US$1.2/bbl, respectively WoW, while gasoline
spread rose US$0.4/bbl to US$14.2/bbl. PX spread (to naphtha) rose 5.3% to close
at US$774/t, while benzene spread rose 8.6% to close at US$271/t.
US crude stocks fall for the sixth week
Brent prices fell 1.2%, ending last week at US$97.0/bbl, while WTI crude oil
prices fell 3.9%, ending last week at US$88.0/bbl. Oil rose towards the end of
week after renewed confidence that the European debt crisis could be solved
pushed the dollar to a two-month low against the euro. According to the US
Department of Energy (DOE) for the week ended 14 January, crude inventories
rose 2.6mbbls to 335.7mbbls vs. Reuters’ consensus of a 0.6mbbls draw. Products
inventories rose more than expected, with gasoline stocks piling up by 4.4mbbls
and distillate stocks by 1.0mbbls.
Integrated stocks have outperformed in the past month
For the month ended 21 January and based on simple average performance,
integrated stocks in Asia under UBS coverage rose 2.1%, while, on an average,
refining and E&P stocks fell 2.5% and 3.8%, respectively.
Top picks
Our Most Preferred stocks in Asia are PetroChina (0857.HK), SinoTech, Essar Oil,
Siam Cement, S-Oil, and Nan Ya Plastics.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
UBS Investment Research
Asia Oil Explorer
Asia refining margins reach 22-month high
Refining margins at highest level since Feb 2009
The Reuters Singapore complex refining margin index averaged US$7.6/bbl last
week, up from US$6.3/bbl the previous week. Diesel and fuel oil spread versus
Dubai were up US$1.8/bbl and US$1.2/bbl, respectively WoW, while gasoline
spread rose US$0.4/bbl to US$14.2/bbl. PX spread (to naphtha) rose 5.3% to close
at US$774/t, while benzene spread rose 8.6% to close at US$271/t.
US crude stocks fall for the sixth week
Brent prices fell 1.2%, ending last week at US$97.0/bbl, while WTI crude oil
prices fell 3.9%, ending last week at US$88.0/bbl. Oil rose towards the end of
week after renewed confidence that the European debt crisis could be solved
pushed the dollar to a two-month low against the euro. According to the US
Department of Energy (DOE) for the week ended 14 January, crude inventories
rose 2.6mbbls to 335.7mbbls vs. Reuters’ consensus of a 0.6mbbls draw. Products
inventories rose more than expected, with gasoline stocks piling up by 4.4mbbls
and distillate stocks by 1.0mbbls.
Integrated stocks have outperformed in the past month
For the month ended 21 January and based on simple average performance,
integrated stocks in Asia under UBS coverage rose 2.1%, while, on an average,
refining and E&P stocks fell 2.5% and 3.8%, respectively.
Top picks
Our Most Preferred stocks in Asia are PetroChina (0857.HK), SinoTech, Essar Oil,
Siam Cement, S-Oil, and Nan Ya Plastics.
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