Giovanni Simonetti
Junior Data Analyst, Flux
Volatile Margins
Refinery Margins Report for the week ending 27 March
In the week ending 27 March, Refinery Margins were volatile. European M1 Margins rallied to $18.08/bbl on 23 Mar but fell to $13.22/bbl on 25 Mar before moving up to $17.21/bbl on 27 Mar (+$2.03/bbl w/w). US Margins moved similarly and rallied up to $35.34/bbl (+$3.82/bbl w/w). Asian M1 Margins rallied throughout the week reaching $39.80/bbl (+$10.06/bbl w/w).
- European margins volatility were driven by weakness in EBOB Crack and 0.5 Bgs Crack w/w: EBOB crack fell -$5.54/bbl w/w, and 0.5 Bgs Crack fell b y -$4.20/bbl. Gasoil Crack , however, increased by $1.74/bbl, providing some offsetting strength.
- Asian margins rallied on strong Distillates Cracks: Sing Gasoil Crack rose by +$8.11/bbl, Kero Dubai Crack up +$10.22/bbl, and Gasoil Dubai Crack up +7.13/bbl. 92 Crack softened the margins a little falling -$7.44/bbl w/w.
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16 page report