Refiners step up hedging activity
Refineries in Europe have stepped up their hedging activity in recent months as they take advantage of a recovery in margins, market participants say
Hedging activity by European refiners has increased in recent months on the back of improved margins, say market participants.
Margins in Europe have rebounded for a variety of reasons, including the bankruptcy of Petroplus, the continent's largest refiner, and an unusually cold winter that has stoked demand for heating oil. The northwest Europe Brent crack spread widened from an average –$0.21 a barrel (/bbl) in December to $4.31/bbl by the last week of January, according to the International
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