Average Asian product crack prices dip in June as crude rises

Quantum Commodity Intelligence - Average gasoline, diesel and jet cracks fell during June compared to a month earlier, according to Quantum data, indicating worsening margins for refiners in Asia.

The fall comes despite looser travel restrictions in big oil consuming nations such as India and Japan.

Jet kero cracks fell the most percentage-wise, declining from $3.47/b in March to $2.66/b in June, as travel restrictions in Indonesia and Malaysia and the general slow recovery globally hit margins.

Gasoline saw the next biggest decline in margins falling around 10% on the month from $6.15/b FOB Singapore in May to $5.46/b FOB Singapore in June.

Average 10 ppm cracks fell just $0.17/b from $5.65/b to $5.48/b FOB Singapore as stocks of middle distillates in the city state rose 20% over the course of the month.

Fuel oil, meanwhile, was the only major product crack to see a rise.

Marine fuel 0.5% stocks fell by almost 10%, leaving the crack based on a 6.9 density rising from $2.24/b to $2.40/b FOB Singapore.

Average Middle Eastern crude prices have risen over the course of the month, climbing $5/b on bets that OPEC+ would not unwind crude supply cuts and a delay to fresh Iranian supply.