The global crude surplus is being converted into a product surplus. Refiners are being guaranteed a margin by the massive overhang of crude. Jonathan Leitch More Quotes by Jonathan Leitch More Quotes From Jonathan Leitch Last year was the best year on record for European refiners, whatever came next was going to be disappointing. Jonathan Leitch energy Coastal refineries would get the benefit of being able to sell more of their production into the local market and so achieve higher prices. Their surplus would also get a better value in the export markets, inland refineries would get a benefit from increased local (gasoline) demand and could maintain import parity pricing rather than export parity pricing in some cases. Jonathan Leitch company-news Over the next few years, things are going to get tough for European refiners, but this could help some of them. Jonathan Leitch company-news All signals point to weaker margins, which mean lower runs, you're going to start to get a surplus of crude again. Jonathan Leitch energy I think the runs have probably hit their peak for the year. Jonathan Leitch energy It's almost as if middle distillates are coming out as a byproduct of gasoline, i don't think it's just a European problem. Wherever refineries can, they are running hard. Jonathan Leitch business We expect to see an increase in defaults and selective corporate failures, where purely domestic bankruptcies are concerned, the outcome will continue to be largely pre-arranged at the outset of a bankruptcy filing. Jonathan Leitch business Although Asian regional fuel oil demand is in structural decline, we forecast demand to be higher in the next quarter reflecting the lower absolute prices supporting purchases. Jonathan Leitch energy
