refining

Diesel Margins Slide as G7 Announces 100 Million Barrel Stocks Release

The G7 said it will release 100 million barrels of crude oil and diesel stocks over the next four months, a move that pressured middle distillate refinery margins and pushed ICE gasoil crack spreads down from about $85 per barrel mid-last week to roughly $70 now, ING said. Analysts caution the release offers only short-term relief and that persistent Middle East tensions continue to threaten supply of refined products.