European refining margins are falling, as the US's need for gasoline imports reduces. Margins have reached a 4 year low of minus $6.21/bbl, according to Bloomberg. And the problem is likely to get worse, as the US moves towards greater self-sufficiency in gasoline via refinery expansions and increased biofuels usage.
This trend could have important implications for European petchem producers, who are currently suffering from an inability to pass through today's high naphtha prices.