Page 31 - Policy Economic Report - Feb 2026
P. 31
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Figure 14: Refining Margins ($/bbl)
Source - Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai fell, pressured by healthy availability amid
strong flows from South Korea, which offset lower exports from China. Going forward, gasoline
fundamentals in the region are expected to firm up, as the Chinese Lunar New Year, Eid festivities, and
the start of the heavy spring refinery maintenance season in the Atlantic Basin are expected to support
gasoline demand. The margin averaged $9.35/b in January, down $4.34/b, m-o-m, but up $5.50/b, y-o-y.
Figure 15: Singapore crack Spreads vs. Dubai ($/bbl)
Source - Argus and OPEC
The Singapore gasoil crack spread increased slightly as the deficit from lower gasoil flows from China offset
the decline in exports to Europe and higher output from South Korea and Japan. These dynamics helped
keep regional gasoil balances in check, while winter temperatures across regions provided additional
optimism for gasoil markets ahead of the upcoming heavy refinery maintenance season. The Singapore
gasoil crack spread against Dubai averaged $20.25/b, up 17?/b, m-o-m, and up $5.99/b, y-o-y.
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