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UBS Investment Research
Asia Oil Explorer
P etchem spreads rebound WoW
Refining margins decline WoW
The ethylene-naphtha spread rose 20% WoW to US$193/t, after touching its lowest
level since October 2009 last week. The PX-naphtha spread also rose 21% WoW
closing at US$533/t, while the HDPE spread rose 19% WoW. The Reuters
Singapore complex refining margin index averaged US$7.4/bbl last week down
from an average US$8.7/bbl the previous week. Gasoline and fuel oil spreads (to
Dubai crude) declined US$2.6/bbl and US$1.1/bbl, respectively.
US crude stocks decline on lower imports
The WTI crude oil price rose 1.1%, ending last week at US$97.2/bbl, while Brent
remained flat at US$117.7/bbl. Crude prices were impacted after rating agencies
put the US on a negative watch, warning that its credit rating may be cut. The US
is also considering a second round of strategic oil reserves releases. According to
the US Department of Energy (DOE), for the week ended 8 July, crude inventories
fell 3.1mbbls as imports declined 0.9mbpd. Gasoline stocks fell 0.8mbbls, while
distillate stocks rose 3.0mbbls.
Refining stocks have outperformed in the past month
For the month ended 15 July and based on simple average performance, refining
and marketing stocks in Asia under UBS coverage rose 2.3%, while, on an
average, integrated stocks rose 1.0% and E&P stocks fell 2.0%.
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
P etchem spreads rebound WoW
Refining margins decline WoW
The ethylene-naphtha spread rose 20% WoW to US$193/t, after touching its lowest
level since October 2009 last week. The PX-naphtha spread also rose 21% WoW
closing at US$533/t, while the HDPE spread rose 19% WoW. The Reuters
Singapore complex refining margin index averaged US$7.4/bbl last week down
from an average US$8.7/bbl the previous week. Gasoline and fuel oil spreads (to
Dubai crude) declined US$2.6/bbl and US$1.1/bbl, respectively.
US crude stocks decline on lower imports
The WTI crude oil price rose 1.1%, ending last week at US$97.2/bbl, while Brent
remained flat at US$117.7/bbl. Crude prices were impacted after rating agencies
put the US on a negative watch, warning that its credit rating may be cut. The US
is also considering a second round of strategic oil reserves releases. According to
the US Department of Energy (DOE), for the week ended 8 July, crude inventories
fell 3.1mbbls as imports declined 0.9mbpd. Gasoline stocks fell 0.8mbbls, while
distillate stocks rose 3.0mbbls.
Refining stocks have outperformed in the past month
For the month ended 15 July and based on simple average performance, refining
and marketing stocks in Asia under UBS coverage rose 2.3%, while, on an
average, integrated stocks rose 1.0% and E&P stocks fell 2.0%.
Top picks
Our most preferred stocks in Asia are Sinopec, SinoTech, PTT Chemical, Reliance
Industries and SK Innovation.
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