European refining margins continue to slide
Profits for processing crude into refined products are under pressure, especially in Europe
REFINING margins continue to tumble as pressure mounts from higher crude prices and persistently bloated stocks. Brent cracking margins in northwest Europe slid to just $2.16 per barrel for the week ending 13 May, data published by BNP Paribas show. That's the lowest the margin for processing the European benchmark crude into products has been since 18 March, and compares to an average of around $3.14/b in April, data from the investment bank show. Rising crude prices have helped to pressurise margins, as feedstock costs for refiners increase. Front-month Brent futures were trading just under $48/b in mid-May, up from around $34/b at the beginning of February. Unlike last year, US gasoline d
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
