
Refinery Margins Report
In the week ending 25 July, refinery margins declined slightly across all tenors, with Asian refineries, seeing the largest descrease.
On a month-on-month basis, margins were relatively unchanged, wit the exception of M1 in Europe and US whcih increased by 1.47 and 2.24 respectively.
In the Asian forwards curve, M2 and M3 remain slightly higher than M1 with the rest of the curve still in contango. The higher M2 margins are driven by stronger M2 levels across the cracks, with MOPJ, kerosene, gasoil, and 380 Dubai cracks priced higher over the past month.
The European refinery forward curve similarly showed a higher-priced M2, with prices further along the curve also elevated, as M9 through M12 traded above M8. This is mainly driven by low M1 margins in the Naphtha Crack.
The US refinery forward curve is in contango from M1 through M7, but prices jump at M8 and remain higher than M7 through to M12.