Total: returns to positive refining margin
(CercleFinance.com) - Total reports that its margin on variable costs, Refining Europe (refining margin), increased to 4.
6 dollars per tonne in Q4 2020, compared with -2.7 dollars in the previous quarter and 30.2 dollars a year ago.
As a reminder, this margin is equal to the difference between the sales of refined products made by Total's European refining operations and purchases of crude oil with associated variable costs, divided by the quantities refined in tonnes.
In addition, the Energy Group states that over the past quarter, the average price of Brent crude oil was 44.2 dollars per barrel ($/b), the average price of liquids sales was 41 dollars per barrel, while the average price of gas was 3.31 dollars/Mbtu and the average price of LNG was 4.90 dollars/Mbtu.
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