The Organization of the Petroleum Exporting Countries in its April Monthly Oil Market Report (MOMR) said the COVID-19 pandemic lockdowns inflicted a downturn in product consumption and put refinery margins under added pressure. Prices for all products fell sharply, by around $20/b in March, in all regions. However, performances varied across the different parts of the world.
In the US, margins weakened as losses in gasoline cracks eclipsed support from gasoil/diesel. US refinery run rates declined by 3.12 percentage point from February to 84.99% in March, while throughput fell by 580,000 bpd to 15.98 million bpd. Compared to a year earlier, refinery utilization rates dropped by 1.11 percentage point, with throughputs fell by 206,000 bpd.
European product markets strengthened slightly, led by the gasoil segment and thanks to lower feedstock prices. The region’s refinery utilization rates dropped by 3.66 percentage point month-on-month to an average of 76.28% in March, while throughput decreased by 450,000 bpd to 9.46 million bpd. Compared to March last year, utilization rates were down by 6.31 percentage point, and throughputs decreased by 1.17 million bpd.
Meanwhile, in Asia, the weakness at the top of the barrel pushed margins into negative territory, despite positive performance in the fuel oil and gasoil crack markets. Combined refinery utilization rates in Japan, China, India, Singapore, and South Korea declined by 2.80 percentage point month-on-month to 82.59% in March, while throughput was down by 790,000 bpd to 23.40 million bpd. This represents a 7.01 percentage point and 1.62 million bpd year-on-year decline.
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Published on April 17, 2020 6:38 PM (GMT+8)Last Updated on April 17, 2020 6:38 PM (GMT+8)
