Oil product markets 2017 in review: stronger margins all round!
All of our benchmark margins strengthened in 2017 with support from robust oil products demand growth and unplanned outages. This means that it was another good year for those refiners who were fully operating. Crude prices increased over the course of the year and the product stock surplus fell. High margins were needed to incentivise near maximum utilisation of available capacity. In this report we review the main drivers behind the oil product markets in 2017.