Market Eye: European Margins Soar on Robust Gasoline, Fuel Oil Exports

摘要

Current European refining margin strength is coming from both the top and bottom of the barrel, courtesy of bumper gasoline and fuel oil exports, rather than from middle distillates, which normally make up the bulk of local oil demand and refinery profits. Gasoline crack spreads were nudging $15 per barrel in mid - March -- a seven - year high for this time of year and easily on a par with profits normally seen at the height of the so - called summer driving season during the second quarter.