Kpler’s Matt Smith says tight fuel supplies are forcing refiners to run at full tilt
Matt Smith, head of commodities research at Kpler, said global fuel supplies are extremely tight, prompting refiners to run at full capacity in order to capture unusually strong profits. After supply disruptions triggered by the wars in Ukraine and Iran, fuel markets have almost no buffer left. “The enormous refining margins continue to encourage refiners to operate as close to full capacity as possible, leading to a significant drawdown in crude inventories.”