Crumbling refinery profits threaten Opec-led crude rally

Profit squeeze: Emissions rise from an oil refinery at sunset in Texas City, Texas. Refining margins are looking very shaky, according to a European trader. The crude price also has a major impact on the operating costs of refiners, which consume more than 5 of the feedstock to power their plants. — Bloomberg

LONDON: The recent Opec-led rally in crude prices is hitting refinery profits hard, flashing warning signs over oil’s bull run.

A wave of refinery maintenance scheduled in spring could also put downward pressure on crude, analysts said.