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Asian refiners are benefiting from strong South Korean won and Thai baht, which offset the global crude oil price rise. Japanese refiners gain less because the yen has lagged.
Global benchmark crude has trended higher since Q3 amid OPEC supply cuts.
Stronger Asian currencies lower crude procurement costs for regional buyers, supporting refinery margins and demand for crude and products, while the weaker yen limits that benefit in Japan.
spglobal.comDec 11, 2017After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
