Refiners are enjoying hefty margins – a welcome change after a challenging 2020. Fuel consumption is soaring around the globe, and with millions of barrels of daily refining capacity offline, refiners still in the game are reaping some of their fattest margins in years. Globally, about 2.3 million barrels a day of refining capacity was shut during the pandemic and another 1 million barrels are likely to be shut in the next year, Facts Global Energy analyst Steve Sawyer said. That’s just as demand is returning to pre-pandemic levels. Fuel demand is soaring, with cars jamming roads again and gas-to-oil switching gaining speed ahead of winter. As a result, refiners are enjoying hefty margins — a welcome change after a challenging 2020. In the U.S., the Nymex gasoline crack, a rough gauge of the margin refiners can capture with a barrel of crude based on futures prices in New […]