LONDON – On Tuesday, BP (NYSE: BP) CEO Murray Auchincloss said the weak demand for gasoline and diesel worldwide is weighing on refining profit margins. However, he expects them to improve over the summer driving season.
“The refining environment on a spot basis isn’t fabulous,” Auchincloss told Reuters after the company reported $2.8 billion in second-quarter profits. “Especially in Europe, people aren’t driving much right now.”
“We’re heading into the driving season as we move into July, August, and September so we’d expect some of those inventories to be worked off, and that should strengthen margins.”
(Source: Reuters)
Kevin Putnam is a financial journalist and editor based in New York. He specializes in editing news and analysis related to U.S. stock market.
