Page 28 - Policy Economic Report - September 2025
P. 28
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Figure 16: Refining Margins ($/bbl)
Source - Argus and OPEC
The Southeast Asia gasoline 92 crack spread against Dubai rebounded following two consecutive monthly
losses. Several gasoline-producing unit outages suppressed Chinese gasoline exports, and a late-summer
demand uptick in several countries across the region provided support. The margin averaged $8.53/b in
August, up $1.45, m-o-m, and $1.48, y-o-y.
Figure 17: Singapore crack Spreads vs. Dubai ($/bbl)
Source - Argus and OPEC
The Singapore gasoil crack spread reversed direction from the robust performance seen in the previous
month, dropping back from the multi-month high reached in July. Nonetheless, gasoil crack spreads in
absolute levels remained the top margin driver in August, closely followed by jet/kerosene. The middle
distillate balance expansion in the northern hemisphere likely contributed to the pressure, limiting East-
West gasoil deliveries due to softening buying interest and economics. The Singapore gasoil crack spread
against Dubai averaged $15.94/b, down $2.96, m-o-m, but up $2.85, y-o-y.
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