Refiners Are Reeling From Low Margins and Weak Demand

During the latest profit season, U.S. oil refiners signaled they would be curbing output this quarter, pressured by lower margins and the seasonal decline in demand. Petrochemical makers are also having difficulties, mostly due to overcapacity in China. And they are changing in order to overcome them. A forecast by Wood Mackenzie cited in a recent Reuters article on the petrochemical industry and its long-term outlook said that almost a quarter of global petrochemical capacity was at risk of permanent closure because of depressed—and depressing—margins…