European refining margins soar, but cuts loom

摘要

Total’s European refining margin indicator (ERMI) rose to $47.10/t ($6.41/bl) in the first quarter, a sevenfold increase from a year earlier and over 70pc higher than the previous quarter. It represents the highest level since the third quarter of 2012. Margins in Europe were supported in the quarter by lower crude prices and improving demand. “European product demand, long in secular decline, swung back to growth in some markets in early 2015,” IEA said in its latest Oil Market Report. Cold weather and lower retail product prices helped spur the demand growth, it said.