Oil refining in Japan rose this month to a 10-week high as producers resumed operations after maintenance shutdowns.
The nation's refiners were using more than 75 percent of capacity in the week that ended July 17, the highest rate since May 8, according to data from the Petroleum Association of Japan. That compares with this year's low of less than 62 percent in the week that ended June 19.
Japan's largest crude-oil processor, JX Holdings Inc., and competitors are bringing units back online after a drop in demand allowed them to carry out plant repairs and upgrades. Refining margins slumped more than 31 percent between July and August last year as plants started production, according to futures prices on the Tokyo Commodity Exchange.
"Margins aren't likely to be as good," said Kawachi Hirofumi, a senior energy analyst at Mizuho Investors Securities Co. "Refiners' business results will be potentially affected by the weakening margins."
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