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Oversupply puts refinery margins of diesel under pressure

Tuesday, July 21, 2015 9:26 AM UTC

Saudi Arabia has likewise evolved to become a major net exporter of oil products, because it has also invested hugely in expanding refinery capacities in the meantime,

The distillates market in particular is being flooded by supply as a result, which is pressuring the crack spreads for diesel.

The gasoil-Brent crack spread has dropped below its usual trading corridor of $14-16 per barrel and is currently only just over $12 per barrel.

"The lower crack spreads for diesel make it less attractive for refineries to process crude oil, which is also likely to weigh on oil prices", says Commerzbank.

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Oversupply puts refinery margins of diesel under pressure

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