Improved outlook on Oil Products’ margin for Q3
While the oil markets have been volatile, Northwest European diesel and gasoline margins have during the third quarter increased to a high level, improving also the total refining margin outlook for Neste’s Oil Products in the third quarter.
Neste’s Oil Products’ third-quarter total refining margin is expected to be significantly higher than in the second quarter of 2023 (USD 16.7/bbl). As per the previous outlook, Neste Oil Products’ third-quarter total refining margin was expected to be slightly higher than in the second quarter of 2023 (USD 16.7/bbl).
Following the restart of the renewable diesel and sustainable aviation fuel (SAF) production at the Singapore refinery expansion in August, the ramp-up has been slowed down due to a recent shutdown at the new line for additional equipment inspection and repair works.
The sales volume impact of the ongoing inspection and repair works is estimated to be approximately 100,000 tons for the second half of 2023, mainly impacting the fourth-quarter sales.
Neste will update its fourth-quarter sales volume estimate for renewable diesel and SAF in its third-quarter interim report.
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