What factors does S-Oil cite for firm third-quarter refining margins?

S-Oil attributes its expected firm third-quarter refining margins to summer driving season demand, stronger power demand amid extreme heat, and export restrictions in some countries.

How did S-Oil's crude distillation unit (CDU) utilization rate change across the first half of 2025?

S-Oil operated its CDUs at 76% capacity in April–June 2025, down from 85% in January–March and significantly lower than 96% in 2025 overall.

S-Oil Sees Firm Third-Quarter Refining Margins on Summer Demand, Export Curbs

Aug 2, 2026

S-Oil forecasts firm third-quarter refining margins supported by summer demand and global export restrictions amid low oil inventories. The refiner cited geopolitical disruptions causing supply tightness and outlined contingency plans for shipping route issues.

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