Singapore Refinery Profits Fall to Lowest Since 2010 at $1.20 Per Barrel

On Monday average Singapore refinery profit margins fell to their lowest levels since 2010 as fuel markets struggle with oversupply while feedstock crude oil prices are near 2019 highs.

The average refinery margins for a Singaporean refinery dropped to $1.20 per barrel on Monday, the lowest since 2010, Refinitiv data showed.

Traders said the low profits were due to oversupply of refined fuels like diesel or fuel oil, while prices for crude oil, the most important feedstock and biggest cost factor for refineries, reached 2019 highs last Friday.