Slides - IEA
Slides - IEA
Slides - IEA
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$/bbl<br />
5<br />
Products Crack Spreads Mixed in May<br />
Poor Petrochemical Demand Pressured Naphtha Prices<br />
Naphtha<br />
Cracks to Benchmark Crudes<br />
20<br />
Copyright © 2012 Argus Media Ltd<br />
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5<br />
0<br />
-10<br />
-5<br />
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Copyright © 2012 Argus Media Ltd<br />
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-20<br />
May 11 Aug 11 Nov 11 Feb 12 May 12<br />
May 11 Aug 11 Nov 11 Feb 12 May 12<br />
NWE<br />
SP<br />
NWE LSFO 1% Med LSFO 1%<br />
Med ME Gulf Indonesia LSWR<br />
$/bbl<br />
Low-Sulphur Fuel Oil (1%)<br />
Cracks to Benchmark Crudes<br />
© OECD/<strong>IEA</strong> - 2012<br />
• Refined product crack spreads were mixed in May<br />
• Fuel oil showed exceptional strength in Asia, in part due to<br />
continued Japanese demand and tightness in op-spec bunker fuel,<br />
• Gasoline on the US Gulf Coast strengthened, largely due to<br />
increased flows of similar grades and a downward correction in LLS<br />
• By contrast, European crack spreads were mostly weaker.<br />
• Light distillates, and naphtha in particular, saw the largest<br />
declines on weak petrochemical demand<br />
• Increased supply with refiners coming back from maintenance<br />
Source: <strong>IEA</strong> Oil Market Report<br />
17
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