Harinder Sandhu
Quantitative Research Associate, Flux
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Volatility in Margins
In the week ending 13 March, Refinery Margins experienced considerable volatility.
In the week ending 13 March, Refinery Margins experienced considerable volatility. European M1 Margins initially fell down to $11.64/bbl on 09 March, before aggressively rallying up to $16.11/bbl on 11 March. US Margins up to $26.09/bbl (+$9.82/bbl w/w), and Asian M1 Margins up to around $21.40/bbl (+$12.16/bbl w/w).
- European margins were the strongest w-o-w: NWE Naphtha cracks rose amid volatility +$2.43/bbl w/w, though LSFO has weighed down the margin, falling $4.85/bbl over the week.
- In Asia, the story was more mixed, with MOPJ Cracks providing support, rising $6.37/bbl, while in HSFO, Sing 380 Crack fell by $10.91/bbl in the week to leave Asian margins falling by $6.30/bbl w/w.
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A weekly free report encompassing regional refinery economics based on proprietary yields of financial swaps contracts
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