Asian refiners are struggling with a major slump in profit margins because of the resurgence in Covid-19 infections in the region, Bloomberg has reported , citing the latest trends in complex refining margins in Singapore. These fell from $1.65 per barrel in April to just $0.03 per barrel in the middle of May. Since then, the report notes, however, margins have begun improving and are expected to continue strengthening, especially in the second half of the year when vaccinations are expected to improve the fuel demand outlook. At the end of May, Singapore complex margins had jumped to $0.60, higher than the trough in mid-may but still far from the April average. The effect of the resurgent coronavirus in Asia is the latest blow to an already troubled industry that, like its peers around the world, saw demand for fuels drop off a cliff last year amid lockdowns aimed […]