VGO benefits from low crude runs

摘要

Narrow simple refining margins have cut refinery crude throughputs but are encouraging the use of upgrading units, boosting the price of alternative feedstocks such as vacuum gasoil (VGO) and straight-run fuel oil.At the same time, vacuum distillation units globally are running at well below capacity, limiting VGO production just as demand picks up. US refinery utilisation rates have once again dropped below 80pc, their lowest since 1992 excluding weather-related shutdowns.