S-Oil refinery fire unlikely to derail South Korea’s crude import, diesel export uptrend

South Korea’s crude imports and middle distillate exports will likely extend their upward momentum into June as refiners continue to maximize operating rates to fully capture lucrative product cracks, industry and market participants said over May 20-24. A recent explosion at the S-Oil Corp. refinery complex in Ulsan will have minimal impact on the country’s overall refining capacity and crude…