Asian Oil Refining Renaissance Is Grinding Into Reverse Gear
- Processing margins down more than a third since mid-October
- Chilly winter may turn the tables again: FGE’s Paravaikkarasu
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Asian oil refiners are starting to see a recent resurgence in profitability go into reverse, eroding a source of demand strength that helped drive crude prices to an seven-year high last month.
Margins from processing crude across Asia slipped from recent highs this month as the return of some Covid-related travel curbs in China hit jet-fuel consumption, undermining progress made in opening up travel between countries with high vaccination rates.