Asian oil refiners are starting to see a recent resurgence in profitability go into reverse, eroding a source of demand strength that helped drive crude prices to an seven-year high last month. Margins from processing crude across Asia slipped from recent highs this month as the return of some Covid-related travel curbs in China hit jet-fuel consumption, undermining progress made in opening up travel between countries with high vaccination rates. At the same time, an early rush for back-up winter heating fuels including diesel has eased as concerns over natural gas and coal shortages abate, and panic over energy crises in China and India ebbs. As the fuel-buying frenzy — backed by anticipated gas-to-oil switching — gives way to a more moderate pace of consumption, Asian refiners are taking a hit to their profits. Those dynamics offer another headwind to oil prices that are already faltering because of concerns […]