XOM - Fuel shortages popping up in Europe - were refinery closures overdone?

Shortly following the war in Ukraine, Shell (SHEL) and BP (BP) told customers to expect reduced supplies of diesel fuel. Earlier this week, the heads of three commodity trading houses said that Europe would face fuel shortages this summer. And two announcements Thursday suggest shortages may have arrived.  Austria's OMV (OTCPK:OMVKY) announced Thursday that its refineries will halt spot sales of heating and diesel fuel until further notice, indicating the move is "a precaution" to ensure the company can meet contractual obligations. Separately, Shell (SHEL) halted deliveries of premium gasoline in Hamburg until Monday.  At this stage, shortages are likely to be presumed transitory, given the need to re-route oil feedstocks and refined product supplies. However, shortages of products are tantamount to destruction of oil demand, and the market is likely to remain laser focused on the issue. If refining capacity proves to be a bottleneck in the supply chain, refiners may

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Fuel shortages popping up in Europe - were refinery closures overdone?