29JUL2019 - NEWS - SK Innovation sees refining margins rebounding on IMO

South Korean refiner SK Innovation has raised its forecast for profit margins on distillates in this year's second half, as buyers begin to stock up on low-sulphur fuel and start testing ahead of International Maritime Organisation's cap on sulphur in marine fuels from 1 January 2020. Margins also will get a boost from seasonal demand for gasoline, SK said. The outlook follows an April-June quarter in which the Asia-Pacific refining margin benchmark the Singapore GRM dropped to a decade-low of $1/bl from $2.70/bl a year earlier.