Oil Refiners Fear Trade Wars Will Hit Them Soon - Q1 2025 results of downstream-focused majors have been in stark contrast with how bearish the market remains on the future of refining, with the past years’ demand growth jeopardized by trade wars. - Consumption patterns in refined products have lagged flat price developments, leading to relatively higher margins today – the Singapore margin for refining Dubai crude is now around $7 per barrel, up from $4.3 per barrel a year ago. - The contango futures structure that has developed in…
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