HSBC Asia-Pacific Refining &Chemicals Weekly Chartbook:Market activity muted,sentiment remained bearish

Asian benchmark refining margin remained stable as a drop in gasoline/diesel crack spread was offset by asharp increase in fuel oil cracks; fuel oil inventories in Singapore dropped to the lowest since Nov 2014Activity was muted in the Asian petrochemical markets, and sentiment remained bearish leading to a drop inpropylene, EDC and butadiene pricesKorean refiners underperformed the sector during the week, after news that Saudi Arabia hiked July OSP