Asian refinery stocks surge as margins hit record $50.53 per barrel

  • S-Oil, SK Innovation and GS rose in early trading on Oct. 2.
  • $50.53 per barrel marked a record Asian gasoline refining margin on Oct. 1.
  • China halted gasoline, diesel and aviation-fuel exports outside Hong Kong and Macau from October.

Asian refining margins reached a record $50.53 per barrel on Oct. 1 after China halted gasoline, diesel and aviation-fuel exports to destinations outside Hong Kong and Macau from October. The resulting concern over tighter supplies in an already undersupplied regional market supported refinery stocks in South Korea on Oct. 2. At 9:56 a.m., S-Oil rose 7.12% to 159,400 won, SK Innovation gained 5.16% to 146,800 won, and GS advanced 2.74% to 105,100 won. Singapore light-oil inventories, including gasoline and naphtha, fell to a five-year low of 10,514,000 barrels. Higher international oil prices also supported the sector as the U.S. pushed to deploy additional troops and aircraft carriers to the Middle East. Brent crude closed Oct. 1 at $102.31 per barrel, up 4.37%, while West Texas Intermediate crude rose 2.71% to $92.87.

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