Singapore covid-19 outbreak 2020 Singapore

For oil refiners, things have gone from bad to worse in March quarter

Reading now: 867
www.livemint.com

When oil prices declined sharply in early March, everyone hoped refining margins would get a boost thanks to lower procurement costs.

True, demand outlook was soft even at that time. However, lockdowns in many parts of the world owing to the covid-19 outbreak have worsened the demand outlook drastically in a short span of time.

The benchmark Singapore gross refining margin (GRM) is estimated to have averaged only $1.20 a barrel up to 27 March in the quarter, compared to $1.70 per barrel in the December quarter.

In fact, in the second half of March, the measure dropped into negative territory, largely owing to the collapse in demand for jet fuel.

Read more on livemint.com
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA