Chinese Refining Rates Unexpectedly Plunge To All-Time Lows As Economy Falls Off A Cliff

Chinese Refining Rates Unexpectedly Plunge To All-Time Lows As Economy Falls Off A Cliff Two weeks ago, when discussing the market "mystery" of sliding physical crude oil prices, we said that the most likely culprit were Chinese refiners, whose refining margins had just collapsed to the most negative on record. The reason for the margin collapse was China’s domestic fuel policy: it has long been Beijing's policy to soften price hikes to help shield consumers and avoid social unrest; which while beneficial to end, consumers is catastrophic to refiners and processors...