No-Moat Caltex’s Refiner Margins Recover from Historical Lows. No Change to AUD 33.50 FVE.
Regional refiner margins continue to recover, no-moat Caltex reporting an improved USD 10.96 per barrel for the month of April, over its particular product suite. This is the fourth consecutive monthly improvement in the Caltex Refiner Margin, or CRM, from a historic circa USD 5.50 per barrel low plumbed in December 2018. The low is around half annual averages including just over USD 10.00 in 2018, down from just over USD 13.00 in 2017. The March margin was USD 8.67 but would have been even high...Caltex Australia is engaged in the purchase, refining, distribution and marketing of petroleum products and the operation of convenience stores throughout Australia. Co. has two segments: Supply and Marketing, which is an integrated transport fuel supply chain which sources refined products on the international market and sells Caltex fuels, lubricants, specialty products and convenience store goods through a network of Caltex, Caltex Woolworths and Ampol branded service stations, as well as through company owned and non-equity resellers and direct sales to corporate customers; and Lytton, which refines crude oil into petrol, diesel, jet fuel and products such as liquid petroleum gas.
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