Refinery Stocks Rally on Record Margins
As Asian refining margins soared to record highs due to the impact of China halting its petroleum product exports, domestic refinery-related stocks showed strength in early trading on Oct. 2. In addition, as international oil prices surged due to the US pushing to deploy additional troops to the Mid
Asian refining stocks surged on October 2 amid record margins driven by China's sudden halt of petroleum product exports. S-Oil, SK Innovation, and GS Caltex led the gains. Chinese authorities banned gasoline, diesel, and aviation fuel shipments outside Hong Kong and Macau, straining an already tight Asian supply. Asian gasoline refining margins breached a record high of $50.53 per barrel, while Singapore light oil stocks tumbled to a five-year low.
Tensions in the Middle East further bolstered oil prices, with Brent crude reaching $102.31 per barrel and WTI crude climbing to $92.87.
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