Page 35 - Policy Economic Report - Jan 2026
P. 35
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Figure 13: Refining Margins ($/bbl)
Source - Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai declined but managed to maintain most of the
previous month’s gains. Despite the decline, gasoline 92 crack spreads remained relatively stable
compared to middle distillates. Gasoline market strength in Asia (excluding China) supported its margins
and likely prevented further losses in Asian gasoline crack spreads. The margin averaged $13.69/b in
December, down 54?/b, m-o-m, but up $5.41/b, y-o-y.
Figure 14: Singapore crack Spreads vs. Dubai ($/bbl)
Source - Argus and OPEC
The Singapore gasoil crack spread trend reversed in December, reflecting an easing in the product’s
regional balance amid softening demand. The Singapore gasoil crack spread against Dubai averaged
$20.08/b, down $7.12/b, m-o-m, but up $4.59/b, y-o-y.
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