{"id":345078,"date":"2020-04-03T11:35:00","date_gmt":"2020-04-03T06:05:00","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=345078"},"modified":"2020-04-03T11:35:00","modified_gmt":"2020-04-03T06:05:00","slug":"for-oil-refiners-things-have-gone-from-bad-to-worse-in-march-quarter","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/for-oil-refiners-things-have-gone-from-bad-to-worse-in-march-quarter\/","title":{"rendered":"For oil refiners, things have gone from bad to worse in March quarter"},"content":{"rendered":"<p>When oil prices declined sharply in early March, everyone hoped refining margins would get a boost thanks to lower procurement costs. True, demand outlook was soft even at that time. However, lockdowns in many parts of the world owing to the covid-19 outbreak have worsened the demand outlook drastically in a short span of time.<\/p>\n<p>The benchmark Singapore gross refining margin (GRM) is estimated to have averaged only $1.20 a barrel up to 27 March in the quarter, compared to $1.70 per barrel in the December quarter. In fact, in the second half of March, the measure dropped into negative territory, largely owing to the collapse in demand for jet fuel.<\/p>\n<p>This would obviously weigh on state-run oil marketing companies (OMCs) Bharat Petroleum Corp. Ltd (BPCL), Hindustan Petroleum Corp. Ltd (HPCL) and Indian Oil Corp. Ltd (IOC).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When oil prices declined sharply in early March, everyone hoped refining margins would get a boost thanks to lower procurement costs. True, demand outlook was soft even at that time. However, lockdowns in many parts of the world owing to the covid-19 outbreak have worsened the demand outlook drastically in a short span of time. The benchmark Singapore gross refining margin (GRM) is estimated to have averaged only $1.20 a barrel up to 27 March in the quarter, compared to $1.70 per barrel in the December quarter. In fact, in the second half of March, the measure dropped into negative [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,187],"tags":[],"class_list":["post-345078","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/345078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=345078"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/345078\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=345078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=345078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=345078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}