London-French oil major Total said Friday the European refining margin indicator for the first quarter of 2016 fell to $35.1/mt ($4.77/b), down sharply from a year ago and the lowest since the final quarter of 2014. Total, Europe’s biggest refiner, also said its average liquids price realization during the first quarter was $31/b, down $7.1/b quarter on quarter. European refining margins have been falling since a recent peak at over $7/b around mid-2015 as strong regional gasoline demand and falling crude costs supported refining economics.
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