Europe refining margins rebound from 4-year low
Industry News / Chat online / Give me a price / July 31, 2014
French oil company Total , Europe's biggest refiner, said refining margins in the region rose to a one-year high in the second quarter of 2014, ticking up slightly after hitting a four-year low in the previous three months.
Total's European refining margins indicator ERMI rose to $10.9 per tonne in the second quarter from $6.6 in the previous quarter, a table showed on its website on Tuesday.
That was the highest since the second quarter of 2013, but still less than half the levels seen in the first half of last year, historical data provided by Total showed.
The economic slowdown has hit European oil demand in the past few years, leaving European refineries operating at overcapacity and margins shrinking.
Total's European refining margins indicator ERMI rose to $10.9 per tonne in the second quarter from $6.6 in the previous quarter, a table showed on its website on Tuesday.
That was the highest since the second quarter of 2013, but still less than half the levels seen in the first half of last year, historical data provided by Total showed.
The economic slowdown has hit European oil demand in the past few years, leaving European refineries operating at overcapacity and margins shrinking.
