HSBC Asia-Pacific Refining &Chemicals Weekly Chartbook:Mean reversion and normalisation
类型：投资策略 机构：香港上海汇丰银行有限公司 研究员：香港上海汇丰研究所 日期：2017-10-16
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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
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