Refiners Suffer From Record High Natural Gas Prices

Surging natural gas prices in Europe and Asia have boosted global demand for oil products, benefiting oil refiners globally. Yet, it is these record natural gas prices that have started to weigh on the refining industry, which has just rebounded from several consecutive weak quarters due to the pandemic-driven slump in fuel consumption.  Apart from slowing down steel, chemicals, and fertilizer production in Europe, the record natural gas prices are significantly raising operating expenditures for refiners because natural gas is being used…