China's refinery output has decreased by 1.8% year-on-year due to maintenance and falling profit margins. Global gasoline refining margins have also slumped as demand during the peak summer driving season has fallen short of expectations, leading to reduced profitability for oil refiners. This softness in the gasoline markets has disrupted years of record profits from selling transportation fuels. In Saudi Arabia, refined product inventories decreased to 85.155 million barrels in April from 91.054 million barrels in March, while crude inventories increased to 145.948 million barrels in April from 139.285 million barrels in March. Additionally, China added over 1 million barrels per day of crude oil to stockpiles in May due to weaker refinery processing volumes. Refining margins were more lackluster than expected in the second quarter, according to Phillips 66 CEO.
REFINING MARGINS MORE LACKLUSTER THAN EXPECTED IN THE SECOND QUARTER - PHILLIPS 66 CEO - Reuters #OOTT #Cl_F
"China added more than 1 mmb/d of crude oil to stockpiles in May as soft imports were outweighed by even weaker refinery processing volumes." https://t.co/2ltgSeyV1y #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/Cs7hJ8Wlx1
#SaudiArabia: crude inventories were at 145.948mb in April vs 139.285mb in March according to @JODI_Data #oott https://t.co/TNXF4KYP2N
#SaudiArabia: refined product inventories were at 85.155mb in April vs 91.054mb in March according to @JODI_Data #oott https://t.co/Ae3koWSNGR
#SaudiArabia: crude unventories were at 145.948mb in April vs 139.285mb in March according to @JODI_Data #oott https://t.co/YH3UYJHfgr
#Oil refiners are making less money selling #gasoline as demand during the peak summer driving season has fallen short of what they expected when many of them boosted production. Softness in gasoline markets have upended years of record profits on selling transportation fuels.…
Global gasoline refining margins slump on slow summer driving season https://t.co/Zg7E2ExrWb https://t.co/yWA7ipaJ0N
🔵 ANALYSIS-GLOBAL GASOLINE REFINING MARGINS SLUMP ON SLOW SUMMER DRIVING SEASON Oil refiners are making less money selling their gasoline as demand during the peak summer driving season has fallen short of what they expected when many of them boosted production. Full Story… https://t.co/AJRDBolvY7
#China refinery output slips 1.8% y/y on maintenance, falling profit margins #oott https://t.co/3CPU1mZerH