Weak margins prompt European and Middle Eastern refiners to cut runs.

摘要

At least five refineries located in Northwest Europe (NWE) and the Mediterranean—Statoil's Kalundborg, Denmark facility, Israel's two refineries owned by ORL and Paz Oil, and INEOS's Grangemouth, Scodand and Lavera, France plants—have lowered throughput since mid-April as a result of declining demand and prices for gasoline and naphtha. Two Swedish refineries owned by Preem were also said to have cut runs but the company has denied this. Gasoline margins in Europe have fallen to the lowest level since March 20 and, over the past 15 days, overall refining margins in NWE averaged $4.75/bbl, down from the April average of $5.25/bbl. Margins for Mediterranean complexes processing Urals crude fell into negative territory as the decline in run rates led to a build of both crude and refined products at European refineries in April.