HSBC Asia-Pacific Refining &Chemicals Weekly Chartbook:Mean reversion and normalisation

US refinery operation now nearly back to normal level and major supply disruptions are almost resolved;Global refining margin retreats back to the past 5y average.

    Petrochemical product trading was very muted as major countries were on mid-autumn holidays; Butadieneprice continues to collapse for two consecutive weeks after the strong trend lasted since the summer.

    US commercial crude and product stocks are now less than 10% above the 5y average; Saudi OSP for lightcrude delivery to Asia in November has raised marginally, reflecting tighter crude market balance