Oil prices have fallen throughout July but retail fuel prices have not, giving refiners a much-needed boost to their profit margins. By July 22, WTI was below $95 a barrel while Brent closed at $98.75 – still $20 higher than it was before the Russians invaded Ukraine. US refining margins have increased from lows of $2.5 per barrel in Q220 to around $17.5 per barrel in Q322. US refinery utilisation is running at over 90% to meet strong summer demand at record crack spreads due to lower crude oil...
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