Repsol YPF SA (REP)

[Timothy Smith]

Repsol (OTCPK:REPYF, OTCQX:REPYY) says it will postpone maintenance at its joint-biggest refinery, supporting speculation that collapsing crude prices are boosting margins and encouraging European plants to limit routine works.
The company says it will carry out work at the 220K bbl/day plant on the Mediterranean Sea at some point in 2016 rather than in Q4 2015.

The premium for diesel over crude rose to $15.88/bbl as of yesterday, the highest for the time of year since 2012.

"Because refiners have enjoyed very strong margins over the summer, they are continuing to maximize output and push back maintenance wherever they can,” says energy consultant Wood Mackenzie.