Page 29 - Policy Economic Report - July 2025
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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Figure 15: Refining Margins ($/bbl)
Source- Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai declined with rising refinery output within the
region, which lengthened gasoline balances and exerted downward pressure on gasoline margins. The
margin averaged $10.88/b in June, down 50?, m-o-m, but up $5.57, y-o-y.
Figure 16: Singapore crack Spreads vs. Dubai ($/bbl)
Source- Argus and OPEC
The Singapore gasoil crack spread kept its upward momentum and reached a multi-month high in June,
outperforming all other products to become the main margin contributor. Moreover, the gasoil crack
spread differential widened in June as gasoil margins outperformed that of jet-kerosene due to a
contraction and gasoil availability, an improvement in export volumes and concerns of gasoil supplied
from the East of Suez over geopolitical tension. The onset of the monsoon season in Asia does point to
further downside risk in gasoil consumption and crack spreads, as intense rainfalls could slow agricultural
activities. The Singapore gasoil crack spread against Dubai averaged $17.33/b, up $2.16, m-o-m, and
$2.37, y-o-y.
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