VOL. XLVI

No 35

01-September-2003

SUPPLY/DEMAND

Refining Margins Increased By 40-50% In 3Q, Says DrKW

Third quarter refining margins worldwide are running 40-50% higher than 2Q returns, according to Dresdner Kleinwort Wasserstein (DrKW). In the report Downstream Dynamics, published on 22 August, DrKW analysts Vipin Ahuja, Paul Spedding, Neill Morton and Rachel Beaver estimate that composite refining margins for the major oil companies in 3Q03 have increased by an average 151% over 3Q02 and 48%...