Refinery attacks keep European fuel prices around record highs

Fuel prices in Europe stayed near record highs as attacks on refineries in the Middle East and Russia tightened global supply and pushed up margins for making gasoline and diesel. Reuters reports that refinery profits have remained strong even as crude oil slipped to around $90 a barrel, down from 2008’s $147 record. The premium for European low-sulphur gasoil futures climbed to an all-time high of $74.66 per barrel on Thursday. Saudi Arabia shut its 400,000 bpd Jizan refinery on July 27 after an attack by Yemen’s Houthis, while parts of Kuwait’s 615,000 bpd Al-Zour refinery also halted after a power cut.