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Tankers benefit from refining margins

Oil prices might be falling, but freight rates for most tankers are heading in the other direction.

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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