Crack spreads in Asia have dropped as a result of increased output from Chinese refiners, but margins could recover as the EU ban on Russian oil products comes into place
Refining margins have dropped in recent weeks as China ramped up refining activity.Refining margins in Asia could go higher if Europe turns to more supply from Asian refiners.Refining margins in Asia have dropped in recent weeks as China ramped up exports of fuels amid high export quotas assigned to its refiners in recent months.
Exports of gasoline hit 1.91 million tons in December, hitting the record level seen in October 2020, while diesel exports rose to the highest level since March 2021, at 2.79 million tons, per official Chinese data. issued for 2022 by authorities. China allocated 15 million tons of new fuel export quotas to its major refiners at the end of September.
A shortfall seems likely for diesel despite the potential for more supply from the United States and the Middle East, he noted.
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