Global refining margins on temporary upswing

Global refining margins will continue to recover in the near term but may weaken later this year, says Purvin & Gertz Inc., Houston.Despite positive market fundamentals such as a post-Asian-crisis recovery in demand, the analyst noted that global refining margins remained in the doldrums during 1999.In 1999, US refined products demand increased by 2.3%, but this demand growth was offset by an increase in capacity by 3.1%.The partial restart of the Orion (formerly the Good Hope refinery and Trans American Refining Corp.) refinery in Louisiana last year played a key role in the capacity increase (OGJ, Dec. 21, 1998, p. 41). The refinery announced in mid-July that its entire complex is in op...

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