BP Spells Out Just How Bad Oil Refining Margins Have Got: Chart

BP Profit Tumbles on Prices, Weak Refining Margins

BP Plc said today that refining margins, already at the lowest for the time of year since 2010, remain under “significant pressure” in the third quarter. A global glut of refined fuels, created when plunging crude prices drove up the profit from selling fuels, is the culprit. Inventories of gasoline are at record levels in key trading areas while supplies of fuels such as diesel are also elevated.

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