Related Articles
Forward article link
Share PDF with colleagues

Margin call

European refining enjoyed a healthy end to 2016. Opec's production deal should add further support

Falling global refinery throughput since the summer has helped to draw down oil-product stocks and support margins. In October, global refinery runs averaged 77.2m barrels a day, according to the International Energy Agency (IEA), down from almost 81m b/d in July. As runs fell, so did inventories. This boosted refinery profitability, especially in Europe. Between July and October Brent cracking margins surged by almost 50%, reaching year-to-date highs of $5.72 a barrel, according to the IEA. The agency expects global refinery runs to have fallen by a seasonal 1m b/d in Q4 2016, down to 78.9m b/d. While this is 150,000 b/d higher than in Q4 2015, growth over the whole year-estimated at 270,0

Also in this section
Cyprus dreams again
24 May 2017
Developers working offshore the island think they may be about to unlock vast new reserves. Taking them to a depressed market will be much harder
Natural gas still not getting through in Europe
17 May 2017
Coal still beats natural gas in many European markets, notably Germany. This makes no sense, says Wintershall chief executive Mario Mehren
Gazprom's next gas battle
15 May 2017
The Russian giant is ready to defend its market share in Europe and face off the threat of American LNG