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UBS Investment Research
Asia Oil Explorer
Refining margins reach 6-month low
„ Refining margins fall WoW; petchem spreads decline
The Reuters Singapore complex refining margin index averaged US$6.1/bbl last
week, the lowest level since January 2011. This is lower than an average
US$8.7/bbl the previous week. The diesel-Dubai spread fell US$0.5/bbl, while the
fuel oil spread rose US$0.7/bbl. The ethylene-naphtha spread fell 7.3% WoW to
US$221/t, while the HDPE-naphtha spread fell 4.4% to close at US$381/t. The
PX-naphtha spread fell 16% WoW closing at US$461/t, its lowest level in 2011.
„ Crude prices bounce back after hitting four-month low
The WTI crude oil price rose 4.5%, ending last week at US$94.9/bbl, while Brent
rose 4.9%, to US$111.4/bbl. The rise in crude prices was supported by sharp draw
downs in US crude stocks along with the Greek parliament's action to avoid a
sovereign debt default. This led to a stronger Euro and weaker dollar. According to
the US Department of Energy (DOE), for the week ended 24 June, crude
inventories fell 4.4mbbls on lower imports vs. Reuter’s consensus of a 1.4mbbls
draw. Gasoline stocks declined 1.4mbbls, while distillate stocks rose 0.3mbbls.
„ Integrated stocks have outperformed in the past month
For the month ended 1 July and based on simple average performance, integrated
stocks in Asia under UBS coverage fell 4.7%, while, on an average, E&P and
refining stocks fell 5.4% and 5.1%, 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
Refining margins reach 6-month low
„ Refining margins fall WoW; petchem spreads decline
The Reuters Singapore complex refining margin index averaged US$6.1/bbl last
week, the lowest level since January 2011. This is lower than an average
US$8.7/bbl the previous week. The diesel-Dubai spread fell US$0.5/bbl, while the
fuel oil spread rose US$0.7/bbl. The ethylene-naphtha spread fell 7.3% WoW to
US$221/t, while the HDPE-naphtha spread fell 4.4% to close at US$381/t. The
PX-naphtha spread fell 16% WoW closing at US$461/t, its lowest level in 2011.
„ Crude prices bounce back after hitting four-month low
The WTI crude oil price rose 4.5%, ending last week at US$94.9/bbl, while Brent
rose 4.9%, to US$111.4/bbl. The rise in crude prices was supported by sharp draw
downs in US crude stocks along with the Greek parliament's action to avoid a
sovereign debt default. This led to a stronger Euro and weaker dollar. According to
the US Department of Energy (DOE), for the week ended 24 June, crude
inventories fell 4.4mbbls on lower imports vs. Reuter’s consensus of a 1.4mbbls
draw. Gasoline stocks declined 1.4mbbls, while distillate stocks rose 0.3mbbls.
„ Integrated stocks have outperformed in the past month
For the month ended 1 July and based on simple average performance, integrated
stocks in Asia under UBS coverage fell 4.7%, while, on an average, E&P and
refining stocks fell 5.4% and 5.1%, respectively.
„ Top picks
Our most preferred stocks in Asia are Sinopec, SinoTech, PTT Chemical, Reliance
Industries and SK Innovation.
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