13JUN2019 - NEWS - Refining margins improve but nothing to get excited about yet

Oil refining margins have been weak in recent quarters. Still, some comfort can be derived from the sequential improvement in the benchmark Singapore gross refining margin (GRM). Singapore GRM has increased by about 11% to $3.54 per barrel so far in the June quarter compared to the March quarter.

For a refiner, GRM is realization from turning a barrel of crude oil into finished products. Sure, the improvement in overall Singapore GRM is encouraging, but nothing to get excited about yet. That’s because the measure still remains drastically lower on a year-on-year basis. Plus, it’s not as if the overall refining outlook is bright. 

Published by Editor - www.Livebunkers.com at 13-Jun-2019 03:33:46 [UTC] , contact editor at editor@livebunkers.com