North West Europe (NWE) refinery equities have outperformed over the past 12 months on both a sector and a regional basis. While a sharp fall in the price of Brent has battered NWE upstream and integrated oil companies, the downstream has seen its profitability rise as lower crude feed costs strengthen margins. A strong demand-side response (boosting fuels consumption) and the more sticky down nature of products prices have also lent support to earnings.
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