US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL PRODUCTS: Total Warms of Refining Margins Hitting 3-Year Low: Platts

OIL PRODUCTS
BulletEnergy BulletsCommodities

Total warned of a slide in its Q3 European refining margins as a correction in oil product cracks from recent record highs pressured downstream profits, Platts reported.

  • Total said that European refining margins averaged $15.40/mt in Q3, flagging that its downstream results are expected to sharply decrease.
  • Declining profits have pressured refiners into recalibrating production rom high volumes over the summer, when producers rushed to make returns from stronger margins.
  • Platts cut their Q4 refinery run forecast by 50k b/d due to signs of economic run cuts.
  • European utilisation rates in 2024 are expected to ease to 82% over Oct and Nov, from 83% in September.
  • Supply overhang is expected to be mitigated by autumn maintenance schedules.
  • In the upstream segment, Total expects its hydrocarbon production to total 2.4m boe/d, down slightly from the 2.45m boe/d reported the previous three quarters and representing a multi-year low.
141 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Total warned of a slide in its Q3 European refining margins as a correction in oil product cracks from recent record highs pressured downstream profits, Platts reported.

  • Total said that European refining margins averaged $15.40/mt in Q3, flagging that its downstream results are expected to sharply decrease.
  • Declining profits have pressured refiners into recalibrating production rom high volumes over the summer, when producers rushed to make returns from stronger margins.
  • Platts cut their Q4 refinery run forecast by 50k b/d due to signs of economic run cuts.
  • European utilisation rates in 2024 are expected to ease to 82% over Oct and Nov, from 83% in September.
  • Supply overhang is expected to be mitigated by autumn maintenance schedules.
  • In the upstream segment, Total expects its hydrocarbon production to total 2.4m boe/d, down slightly from the 2.45m boe/d reported the previous three quarters and representing a multi-year low.