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Gloomy refining economics

12/07/2009
By Marilyn Radler
Refining economics have been quite gloomy this year, and the outlook is not particularly good.Refiners are shutting in capacity in order to shore up margins in light of dismal demand for transportation fuels and heating oil. As KBC Market Services noted in a recent Weekly Oil Comment, some of the refinery closures will be permanent, while others are open to offers from anybody who might be willing to buy the refineries.The analysts explain that Europe's largest independent refiner Petroplus operated at only 61% of capacity during this year's third quarter. The company's Teesside refinery in the UK has been closed for most of 2009, and probably will be converted into a storage facility. Th...
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