MNI: ECB CUTS KEY DEPOSIT RATE BY 25 BP TO 3.0%

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

MNI BRIEF: China To Cut Rates, Boost Borrowing-Work Conference

MNI China Daily Summary: Thursday, December 12

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

REFINING: European Refining Update (Part 2)

REFINING
BulletEnergy BulletsCommodities
  • Polish refiner Orlen counters other European refiners in recent weeks and said there are “no grounds for limiting throughput,” at its refineries despite a gradual reduction in margins. Likely was in reference to ENI and Repsol run cuts of 5-10%. (Sep 17)
  • “European refiners have been forced to cut runs, with northwest Europe Brent FCC margins turning negative since mid-August,” FGE head of refining Qilin Tam said, adding “we expect margins to remain weak for the rest of 2024,” (Sep 17)
  • Socar Star refinery halting start of September for 2 months - rtrs (Aug 30)
  • Tupras - Izmit to have five-week works on crude oil and vacuum capacity, desulfurizer in 4Q. Izmir has 21 week-revamp at FCC in 3Q-4Q. (Tupras)
  • Saras Sarroch – work on T2 topping unit and Vacuum Unit in Q4. (Saras)
  • Valero Pembroke refinery, UK, September maintenance – (Valero)
137 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.
  • Polish refiner Orlen counters other European refiners in recent weeks and said there are “no grounds for limiting throughput,” at its refineries despite a gradual reduction in margins. Likely was in reference to ENI and Repsol run cuts of 5-10%. (Sep 17)
  • “European refiners have been forced to cut runs, with northwest Europe Brent FCC margins turning negative since mid-August,” FGE head of refining Qilin Tam said, adding “we expect margins to remain weak for the rest of 2024,” (Sep 17)
  • Socar Star refinery halting start of September for 2 months - rtrs (Aug 30)
  • Tupras - Izmit to have five-week works on crude oil and vacuum capacity, desulfurizer in 4Q. Izmir has 21 week-revamp at FCC in 3Q-4Q. (Tupras)
  • Saras Sarroch – work on T2 topping unit and Vacuum Unit in Q4. (Saras)
  • Valero Pembroke refinery, UK, September maintenance – (Valero)