Refiners are seemingly unable to increase production even with this summer’s soaring margins, the IEA said on 11 August, and this is acting to push product premiums to crude still higher. The agency’s refining margin indicator for northwest Europe — which accounts for some but not all costs — leapt by between 50-300pc in the April-July period, depending on the style of refinery, it said in its latest monthly Oil Market Report (OMR). There were smaller but significant margin rises at the US Gulf coast and in Singapore.
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