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REFINING: Near Term Gains in Margins Expected but Could be Short-Lived: Kpler

REFINING
BulletEnergy BulletsCommodities

Refining margins are expected to improve in the near term with a tightening balance across the West of Suez, according to Kpler.

  • Gasoil appears to be the most likely beneficiary, presenting a good opportunity for exporters.
  • Margins currently under pressure, particularly in Europe and Asia, could result in deeper run cuts than originally planned for scheduled maintenance.
  • However, the gains are expected to be short-lived due to rising processing rates towards the end of Q4, driven by new setups and enhanced operations.
  • The US 321 crack spread fell to the lowest since Feb 2021 at $14.94/bbl on Aug 28 although has since recovered very slightly up to around $16.4/bbl today, according to Bloomberg data. The crack has gradually fallen form a high of $33/bbl in March.

 

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Refining margins are expected to improve in the near term with a tightening balance across the West of Suez, according to Kpler.

  • Gasoil appears to be the most likely beneficiary, presenting a good opportunity for exporters.
  • Margins currently under pressure, particularly in Europe and Asia, could result in deeper run cuts than originally planned for scheduled maintenance.
  • However, the gains are expected to be short-lived due to rising processing rates towards the end of Q4, driven by new setups and enhanced operations.
  • The US 321 crack spread fell to the lowest since Feb 2021 at $14.94/bbl on Aug 28 although has since recovered very slightly up to around $16.4/bbl today, according to Bloomberg data. The crack has gradually fallen form a high of $33/bbl in March.

 

Keep reading...Show less