Profit margins for U.S. Midwest refiners were above 18 U.S. dollars per barrel for WCS ex-Cushing coking in the first quarter of 2022, making it the most profitable oil type that quarter. Generally, oil sourced from the Bakken oilfield tends to have the highest profit margin.
For most of 2021, figures have been upwards of 10 U.S. dollars, a notable increase from the margins recorded throughout the coronavirus pandemic. Unlike refiners in Asia and Europe, refineries in the U.S. Midwest were able to keep their profit margins in the positives during that time. The European ARA refining margin went into a loss for certain oil types owing to lower oil demand during lockdowns.
Quarterly average U.S. Midwest refining margin from Q2 2019 to Q1 2022
(in U.S. dollars per barrel)
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S&P Global Platts. (April 28, 2022). Quarterly average U.S. Midwest refining margin from Q2 2019 to Q1 2022 (in U.S. dollars per barrel) [Graph]. In Statista. Retrieved July 03, 2022, from https://www.statista.com/statistics/1189466/us-midwest-refining-margin-by-oil-type/
S&P Global Platts. "Quarterly average U.S. Midwest refining margin from Q2 2019 to Q1 2022 (in U.S. dollars per barrel)." Chart. April 28, 2022. Statista. Accessed July 03, 2022. https://www.statista.com/statistics/1189466/us-midwest-refining-margin-by-oil-type/
S&P Global Platts. (2022). Quarterly average U.S. Midwest refining margin from Q2 2019 to Q1 2022 (in U.S. dollars per barrel). Statista. Statista Inc.. Accessed: July 03, 2022. https://www.statista.com/statistics/1189466/us-midwest-refining-margin-by-oil-type/
S&P Global Platts. "Quarterly Average U.S. Midwest Refining Margin from Q2 2019 to Q1 2022 (in U.S. Dollars per Barrel)." Statista, Statista Inc., 28 Apr 2022, https://www.statista.com/statistics/1189466/us-midwest-refining-margin-by-oil-type/
S&P Global Platts, Quarterly average U.S. Midwest refining margin from Q2 2019 to Q1 2022 (in U.S. dollars per barrel) Statista, https://www.statista.com/statistics/1189466/us-midwest-refining-margin-by-oil-type/ (last visited July 03, 2022)
