Gasoline and diesel markets remained tight while naphtha showed signs of moving towards balance, according to Alkagesta Newsroom's account of APPEC 2026 in Singapore. The company said supply disruption and its consequences for downstream markets dominated conference discussions, although participants differed over how continuing geopolitical escalations would influence demand.
The tightness in gasoline and diesel was supporting strong refining margins and elevated refinery operating rates, the company reported. In naphtha, increased refinery output and extra arbitrage cargoes arriving from Europe and the United States were contributing to rebalancing. Its account also flagged potential pressure on petrochemical demand from costly feedstocks and the wider effect of high outright prices on downstream consumption.
Alkagesta was represented at the four-day gathering by chief executive Orkhan Rustamov and staff from its operations, business development and finance functions. According to the company's newsroom, the S&P Global Energy oil conference attracted 1,200 senior leaders from 55 countries. Discussions covered the Asia-Pacific oil market outlook, worldwide supply conditions and the energy transition, with the Alkagesta delegation meeting senior market participants during the programme.
The agenda included oil and refining balances through 2027, examining the responsiveness of supply, product crack spreads and market dislocations. Other topics concerned maintaining oil market stability during geopolitical disruption and the changing composition of Asia's crude supply. Those discussions addressed sourcing flexibility, reliability and competition between suppliers, alongside crude selection in an increasingly multipolar environment.
Changes in trade flows were another focus, including which shifts were structural and which might prove reversible. Participants also considered the global biofuels market and how linked demand, supply and policy frameworks could support the expansion of sustainable aviation fuel. Alkagesta said attending the conference underlined the value of direct engagement and market intelligence as it expands its presence in Asian energy markets and global commodity trade flows.