Global(IB)/Foreign Report

2012.11.06 - CS

마징가Z 2012. 11. 6. 08:07

 

 

 

 

 

Cerdit Suisse  11/6

 

Asian Refining Fortnightly

Gasoline weak, diesel resilient

 

Gasoline down sharply

Gasoline cracks continued their recent volatility, down $7.9/bbl for the fortnight.

Diesel cracks trended down $2.1/bbl. Gasoline cracks are likely impacted by seasonality on switching of grades, while diesel remains strong on stronger demand going into winter.

 

US supply down, demand down more

Data suggests that the demand deficit due to Hurricane Sandy appears to outweigh the supply deficit, and refiners are unlikely to see higher runs as a result.

 

Refiners mostly flat

Relative to local benchmarks, most NJA refiners were flat for the fortnight, with the exception of GS Holdings (up 6%); Japanese refiners however were down 3-6%. SK, S-OIL and JX screen as having amongst the least implied expectations on CS HOLT™.