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IMO 2020 will upset refinery margins-II: Many dynamics will be at work
Aug 16: Declining refinery margins after 2020 will be on account of an expected drop in prices of middle distillates as the market rebalances
8Unfortunately, the price of resid will not recover at a rate that can stabilize refinery margins, and thus, cannot cushion the effect of the rebalancing middle distillates prices.
8This is because the effect of price movements of the middle distillates outweighs the margin-boosting effect from slowly increasing resid prices.
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