Total’s European refining margin indicator (ERMI) strengthened in July-September compared with a year earlier and with the previous quarter. Total’s ERMI averaged $48.20/t ($6.56/bl) in the third quarter, compared with $25.50/t in the corresponding period last year and $41/t in the second quarter of 2017. The ERMI represents “the margin after variable costs for a hypothetical complex refinery located around Rotterdam in northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region”.
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