Lockdownstream blues

摘要

European refners are back in the doldrums after a brief surge in margins in the second half of last year. The winter resurgence in Covid-19 infections ended the summer respite, leaving many of Europe’s cities efectively shut down and international travel severely restricted. The region’s refneries are operating at two-thirds of capacity, the lowest utilisation rate in 30 years (see graph). More complex capacity is coming on stream in the Mideast Gulf and Asia-Pacifc, and the outlook for many refners, particularly in the Mediterranean, is bleak.