European refining: An weekly update on refining margins in the European region
Event: An weekly update on refining margins in the European region.
- No dramatic changes in fuel cracks happened this last week.
- Brent crude oil prices are currently quoted at around US$ 43/b.
- Our estimate of PKN’s model refining margin excluding the Ural-Brent differential amounts to US$ 1.0 per barrel. The model refining margin continues to be very weak given high crude oil prices and limited demand for fuels.
- Gasoline cracks amount to US$ +66 per tonne – they continue to be relatively low in comparison to historical records but they are much stronger than in March or April.
- This week, naphtha cracks are at US$ +64 per tonne, following closely gasoline cracks.
- Diesel cracks are at a US$ +46 per tonne – the very high level of distillate stocks in the US is probably acting as a negative driver.
- HFO cracks are roughly US$ -59 per tonne – similarly as a week ago.
- The Mediterranean Ural-Brent (which is not fully representative of the Ural-Brent in the Baltic region) is at the level of c. US$ -0.6 per barrel.
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