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UBS Investment Research
Asia Oil Explorer
Brent oil price hits 28-month high
US crude stocks rise more than expected
WTI crude oil prices rose 1.6%, ending last week at US$89.3/bbl, while Brent
prices rose 1.7%, ending last week at US$98.6/bbl, a 28-month high. Oil got a
boost towards the end of the week following political concerns in Egypt and from
data showing that the US economy and consumer spending grew faster in Q410.
According to the US Department of Energy (DOE), for the week ended 21 January,
crude inventories rose 4.8mbbls to 340.6mbbls versus Reuters’ consensus of a
1.2mbbls build. Gasoline inventories rose 2.4mbbls, while distillate stocks fell
0.14mbbls last week.
Refining margins decline slightly WoW
The Reuters Singapore complex refining margin index averaged US$7.1/bbl last
week, down from US$7.6/bbl the previous week. Gasoline and diesel spread versus
Dubai were down US$1.3/bbl and US$0.6/bbl, respectively WoW, while fuel oil
spread rose US$0.3/bbl WoW. PX spread (to naphtha) continued to rise, closing at
US$789/t, up 2.1% WoW. Ethylene spread rose 10.4% to close at US$434/t.
Integrated stocks have outperformed in the past month
For the month ended 28 January and based on simple average performance,
integrated stocks in Asia under UBS coverage rose 4.3%, while, on an average,
refining and E&P stocks fell 0.6% and 3.3%, respectively.
Top picks
Our Most Preferred stocks in Asia are PetroChina, 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
Brent oil price hits 28-month high
US crude stocks rise more than expected
WTI crude oil prices rose 1.6%, ending last week at US$89.3/bbl, while Brent
prices rose 1.7%, ending last week at US$98.6/bbl, a 28-month high. Oil got a
boost towards the end of the week following political concerns in Egypt and from
data showing that the US economy and consumer spending grew faster in Q410.
According to the US Department of Energy (DOE), for the week ended 21 January,
crude inventories rose 4.8mbbls to 340.6mbbls versus Reuters’ consensus of a
1.2mbbls build. Gasoline inventories rose 2.4mbbls, while distillate stocks fell
0.14mbbls last week.
Refining margins decline slightly WoW
The Reuters Singapore complex refining margin index averaged US$7.1/bbl last
week, down from US$7.6/bbl the previous week. Gasoline and diesel spread versus
Dubai were down US$1.3/bbl and US$0.6/bbl, respectively WoW, while fuel oil
spread rose US$0.3/bbl WoW. PX spread (to naphtha) continued to rise, closing at
US$789/t, up 2.1% WoW. Ethylene spread rose 10.4% to close at US$434/t.
Integrated stocks have outperformed in the past month
For the month ended 28 January and based on simple average performance,
integrated stocks in Asia under UBS coverage rose 4.3%, while, on an average,
refining and E&P stocks fell 0.6% and 3.3%, respectively.
Top picks
Our Most Preferred stocks in Asia are PetroChina, SinoTech, Essar Oil, Siam
Cement, S-Oil and Nan Ya Plastics.
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