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Refining: Margins Slide From Peak as Refiners Step Up

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Since Russia invaded Ukraine late February, European refiners have made an average of more than $20 per barrel running incremental spot crude. These margins peaked at more than $30 end-June before retreating in July to their average as the market continued to grapple with rerouted spot cargoes of Russian Urals and lower Russian product exports. The lofty margins invite European refiners to buy every spot barrel they can find. They bid up prompt crude well above future delivery and are still falling short meeting product demand.

Topics:
Refining, Oil Products, Oil Prices, Crude Oil, Oil Supply
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