LONDON: Northwest European gasoline refining margins rose on Tuesday supported by strong exports from the region and signs of stronger demand in the United States.
US motorists drove 1.8 percent more miles on US roads and highways in January versus last year, according to figures released on Tuesday by the US Department of Transportation.
The gasoline-naphtha spread in northwest Europe widened sharply in recent days due to weaker demand from petrochemical plants in the region as they enter seasonal maintenance, traders said.
Royal Dutch Shell said its Moerdijk petrochemical plant in the Netherlands was shutting down, but a planned maintenance turnaround at the site was not yet confirmed amid strike action there and at the Pernis refinery.
Azerbaijan's state-owned SOCAR plans to reach full oil refining capacity of 200,000 barrels per day at its Turkish STAR plant in May, three industry sources said.
Comments
Comments are closed for this article.