Global refining on the mend,still hinging on demand rebound

摘要

The Paris-based IEA forecasts that refining activity will jump"sharply"in 2Q.During the first three months of the year,global refinery throughput was 2.9MM b/d lower compared to year-earlier levels at 75.6MM b/d.During the period,refinery runs in the US,China,and the Middle East continued to improve with rates in the latter two regions surpassing year-earlier levels.In fact,China had a"record throughput level"during Feb.In March,refineries across the globe processed 75.9MM b/d of crude,which was 1MM b/d higher on the month and near year-earlier levels but 4.4MM b/d lower compared to March 2019 levels.The IEA reports that,in March,gasoline crack spreads continued to improve in all of the major refining centers although naphtha and diesel cracks continued to weaken in Europe and Singapore.