Global average refining margins have increased this year versus the lows of 4Q11, with most of the improvement down to gasoline
Regional refining margins
US dollars per barrel
The refining margins presented are benchmark margins for three major global refining centres: US Gulf Coast (USGC), North West Europe (NWE – Rotterdam) and Singapore. In each case they are based on a single crude oil appropriate for that region and have optimized product yields based on a generic refinery configuration (cracking, hydrocracking or coking), again appropriate for that region.
The margins are on a semi-variable basis, i.e. the margin after all variable costs and fixed energy costs.