Businesses in secular decline can sometimes benefit from an unexpected surge of energy. Alas, it tends to be short lived.
Look no further than the European refining sector. Sanctions on Russian products brought higher margins and a brief moment of respite. But with flows settling down, the sector’s dismal squeeze has resumed.
The latest to feel the pinch is BP, whose stock fell more than 4 per cent on Tuesday after it warned of a $500mn-$700mn hit from weaker refining margins and flagged an impairment of up to $2bn — partially related to the Gelsenkirchen refinery in Germany where it is reducing capacity.
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