MNI China Daily Summary: Friday, December 27

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OIL PRODUCTS: Russian Refinery Runs to Suffer amid Poor Margins: Platts

OIL PRODUCTS
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Russian refineries will likely maintain or reduce their crude throughputs in the coming weeks as a gasoline export ban continues to hurt margins, Platts said.

  • Despite autumn maintenance season ending, December’s processing rates will likely remain depressed amid poor margins, low uptake of products amid persistent rail delays, and the upcoming increase in excise taxes and various tariffs.
  • Less favourable compensation calculations under the damping mechanism will also add to the negative factors.
  • The average profitability for R92 gasoline in the Russian refining industry is near zero, Platts said, while high-octane 95 Ron is loss-making.
  • Russia’s refinery runs had already dropped to 5.14m b/d in October, a two-year low. Platts most recent forecast projected runs of 5.4m b/d in Q4.
  • Retailers have complained of ongoing rail delays, causing them to buy additional volumes to avoid shortages.
  • High interest rates, set at 12% in September, are also affecting modernisation plans.
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Russian refineries will likely maintain or reduce their crude throughputs in the coming weeks as a gasoline export ban continues to hurt margins, Platts said.

  • Despite autumn maintenance season ending, December’s processing rates will likely remain depressed amid poor margins, low uptake of products amid persistent rail delays, and the upcoming increase in excise taxes and various tariffs.
  • Less favourable compensation calculations under the damping mechanism will also add to the negative factors.
  • The average profitability for R92 gasoline in the Russian refining industry is near zero, Platts said, while high-octane 95 Ron is loss-making.
  • Russia’s refinery runs had already dropped to 5.14m b/d in October, a two-year low. Platts most recent forecast projected runs of 5.4m b/d in Q4.
  • Retailers have complained of ongoing rail delays, causing them to buy additional volumes to avoid shortages.
  • High interest rates, set at 12% in September, are also affecting modernisation plans.