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UBS Investment Research
Asia Oil Explorer
Crude prices touch four-month low
„ Brent-WTI spread narrows after reaching record high
WTI crude oil prices fell 2.3%, ending last week at US$90.8/bbl, while Brent
prices fell 6.5%, ending last week at US$106.2/bbl. Crude prices fell to a fourmonth low after the world’s top consumers released emergency oil reserves in
response to the loss of Libyan crude. Oil prices were also pressured by higher-thanexpected US jobless claims and lower US growth forecasts by the Federal Reserve.
Brent has been affected the most and its premium to WTI declined to US$15/bbl.
According to the US Department of Energy (DOE), for the week ended 17 June,
crude inventories fell 1.7mbbls as refinery utilisation increased.
„ Refining margins rise WoW; petchem spreads bounce back
The Reuters Singapore complex refining margin index averaged US$8.7/bbl last
week, up from US$8.0/bbl the previous week. Gasoline and fuel oil spreads rose
US$1.3/bbl each, while the diesel spread fell US$2.8/bbl. The ethylene-naphtha
spread rose 13% WoW to US$238/t, while the HDPE-naphtha spread rose 0.6% to
close at US$398/t. The PX-naphtha spread rose 3.2% WoW.
„ Integrated stocks have outperformed in the past month
For the month ended 24 June and based on simple average performance, integrated
stocks in Asia under UBS coverage fell 1.3%, while, on an average, E&P and
refining stocks fell 2.6% and 3.2%, respectively.
„ Top picks
Our most preferred stocks in Asia are Sinopec, SinoTech, PTT Chemical, Reliance
Industries, and SK Innovation.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
UBS Investment Research
Asia Oil Explorer
Crude prices touch four-month low
„ Brent-WTI spread narrows after reaching record high
WTI crude oil prices fell 2.3%, ending last week at US$90.8/bbl, while Brent
prices fell 6.5%, ending last week at US$106.2/bbl. Crude prices fell to a fourmonth low after the world’s top consumers released emergency oil reserves in
response to the loss of Libyan crude. Oil prices were also pressured by higher-thanexpected US jobless claims and lower US growth forecasts by the Federal Reserve.
Brent has been affected the most and its premium to WTI declined to US$15/bbl.
According to the US Department of Energy (DOE), for the week ended 17 June,
crude inventories fell 1.7mbbls as refinery utilisation increased.
„ Refining margins rise WoW; petchem spreads bounce back
The Reuters Singapore complex refining margin index averaged US$8.7/bbl last
week, up from US$8.0/bbl the previous week. Gasoline and fuel oil spreads rose
US$1.3/bbl each, while the diesel spread fell US$2.8/bbl. The ethylene-naphtha
spread rose 13% WoW to US$238/t, while the HDPE-naphtha spread rose 0.6% to
close at US$398/t. The PX-naphtha spread rose 3.2% WoW.
„ Integrated stocks have outperformed in the past month
For the month ended 24 June and based on simple average performance, integrated
stocks in Asia under UBS coverage fell 1.3%, while, on an average, E&P and
refining stocks fell 2.6% and 3.2%, respectively.
„ Top picks
Our most preferred stocks in Asia are Sinopec, SinoTech, PTT Chemical, Reliance
Industries, and SK Innovation.
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