Northwest European gasoline refining margins dropped more than $5 on Monday as crude oil futures fell roughly 5% to a three-week low. The decline followed signs of easing Middle East tensions, alongside separate refinery incidents in Russia and Iraq.
Northwest European gasoline refining margins fell by more than $5 to $33.06 per barrel on Monday, as crude oil futures declined sharply. No Eurobob E5 or E10 barges changed hands on Argus during the session.
The slide came as oil prices dropped approximately 5% to a three-week low on Monday. President Donald Trump delayed further action against Iran while pursuing a potential agreement that could increase oil supplies from the Gulf region.
Yet separate refinery incidents were reported elsewhere. Russia's Lukoil Volgograd refinery has stopped all crude oil processing since Friday following a fire caused by a drone attack, according to two industry sources. Iraqi civil defense teams also put out a fire at a refinery within the Baiji oil complex, located 180 kilometers north of Baghdad, the Iraqi state news agency reported Monday.
Trump also called on oil companies to reduce gasoline prices for U.S. consumers on Monday, criticizing Chevron Chief Executive Mike Wirth for not acknowledging his administration's support of the oil industry. Meanwhile, gasoline and blending component exports from the EU-27 and UK averaged 1.03 million barrels per day in June, compared with 1.06 million barrels per day in July, according to Kpler data.
Source: Investing.com
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