Chemical Updates

Asia and Middle Eastern Gasoline Daily Market Analysis / S-Oil heard raising Ulsan RFCC runs to 85% / US-Iran MOU expiry fuels volatility fears

Aug 18, 2026

The Asian gasoline complex strengthened Aug. 17, as the looming expiry of the US-Iran memorandum of understanding was raising uncertainty for market participants, according to a source. Still, even in the face of uncertainty, a Middle East-based source noted Aug. 17 that China may not necessarily import less crude oil or produce fewer refined products. Market participants were continuing to monitor Chinese gasoline export levels for August. In refinery news, South Korea’s S-Oil was heard raising run rates at both of its Ulsan RFCC units to 85% in August, up from 70%-75% in July, reported earlier. Thai Oil reported refinery utilization of 107% in the second quarter, down from 113% in both Q2 2025 and Q1 2026, the refiner said in its latest results report Aug. 13. Elsewhere, the US...

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