What does the rest of 2024 have in store for Asia's carbon offset demand, the bunker market, LPG supply, naphtha, and China's solar market?
In Asia: Refining and Petrochemical Market Outlook 2024, OPIS editors dive into several commodity markets across Asia to give you insight into what could come in the rest of 2024.
Contents of this free special report include:
- Recent and ongoing reforms to Asia-Pacific carbon regimes are expected to drive demand for carbon offsets in 2024 as countries reorient their carbon strategies to meet climate targets.
- Asian bunker players look forward to an improved shipping market on the back of rebounding Asian economies, but they expect greater fuel oil availability, especially for very low sulfur fuel oil (VLSFO), to likely weigh on the product's refining margin.
- Asia's LPG supply is expected to be long in 2024, with demand dependent on the downstream petrochemicals sector, where poor downstream margins have plagued the key Chinese market.
- Asia naphtha demand in 2024 will be contingent upon the performance of its downstream petrochemical sector where naphtha is used as a primary feedstock for olefins production.
- The Chinese overcapacity that dragged prices across the solar value chain down to multi-year lows in 2023 will likely intensify in 2024.