'Finer Things: August OSPs Could Ignite Higher Asian Refining Utilization

研报英文原文证据摘录

'Finer Things: August OSPs Could Ignite Higher Asian Refining Utilization

Equity Research

Industry Update — July 6, 2026

Independent Refiners

'Finer Things: August OSPs Could Ignite Higher

Asian Refining Utilization

Our Call Sam Margolin

"Finer Things" is a Refining weekly, covering trends in crack spreads, "capture rate," & Equity Analyst | Wells Fargo Securities, LLC

Sam.Margolin@wellsfargo.com | 212-214-8496

themes. Saudi Official Selling Prices for August to Asia are set at the first discount since

Emma Liang2020, and could indicate higher refinery utilization this Fall.

Associate Equity Analyst | Wells Fargo Securities, LLC

Emma.Liang@wellsfargo.com | 212-214-3322

OSPs: Crack spreads continue to rise as crude supply from the Middle East returns faster Maya MacPherson

than refinery utilization recovers. However, Saudi OSPs published today could signal Associate Equity Analyst | Wells Fargo Securities, LLC

recovery in Asian refining utilization, with discounts to Dubai benchmarks set for August Maya.L.Macpherson@wellsfargo.com | 212-214-5324

for the first time since 2020. Historically, OSPs are correlated to Asian refined product

exports with a 3 month lag, meaning RP exports from Asia could inflect higher in the Fall.

OSPs Cont'd: OSPs correspond to the loading date, meaning the $9.50/bbl premium

to Dubai spot for July set by Aramco last month likely remains prohibitive for refinery

restarts. China weekly reported refinery utilization for independents and teapots remains

at lows. As such, refined product supply is likely to remain tight through the summer,

while seasonal blending and crude differential tailwinds can support US refiners in the fall

should product balance begin to normalize.