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Oil industry under pressure on sharp decline in refining margins: BofAML

Posted on 20 September 2013

Oil industry is facing severe pressure on sharp fall in refining margins, according to a new analysis by Bank of America Merill Lynch (BofAML). Refining margins are not at all helathy and brent cracking marings are low levels of $4 per barrel since July.
In Europe refiners have cut crude runs due to weak margins while diesel demand has surged in US markets in first half of 2013 at an annual rate of 2% and German diesel consumption is also moving up at a fast pace. With many of the European refineries being shut down due to low margins, more Asian diesel could flow into the region, BofAML report said………………………………………Full Article: Source


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