APAC Chart Pack January 2026
This month’s January 2026 Asia Chart Pack focuses on the oil glut narrative keeping prices capped, the limited real impact of Venezuela’s political shock, and China’s 2026 import quota release, which points to tighter state control over independent refining and crude demand.
Key Takeaways:
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Oil narratives: Glut concerns and China policy signals are outweighing geopolitical risk and keeping prices rangebound.
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Crude: Cheaper freight and higher term coverage are limiting Asian crude upside and re-opening WTI arbitrage.
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Light ends: Gasoline and naphtha are losing support as outages fade and petrochemical demand weakens.
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Middle disillates: Diesel cracks are softening as supply improves, even as jet arbitrage remains structurally strong.
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Residual fuel oil: Supply tightness is being overstated as Dangote volumes pressure VLSFO and distort blending economics.
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