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ENERGY SECTOR: “*REPSOL IS REFINING LESS CRUDE OIL AS PROCESSING MARGINS SLUMP”

ENERGY SECTOR

Baa1/BBB+/BBB+

• A 5% cut for Repsol as per BBG sources.
• Comes in the wake of the 10% cur reported on at Eni last week.
• Not a spread mover but another indicator of broad-based downstream weakness in the sector.

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Baa1/BBB+/BBB+

• A 5% cut for Repsol as per BBG sources.
• Comes in the wake of the 10% cur reported on at Eni last week.
• Not a spread mover but another indicator of broad-based downstream weakness in the sector.