Global refinery market weakness hits Parkland Corp.'s Burnaby refinery

CALGARY — Fuel retailer Parkland Corp. has lowered its full-year earnings forecast as sluggish market conditions continue to take a bite out of margins at the company's Burnaby, B.C. refinery.

Globally, refiners are dealing with weak "crack spreads," an industry term that measures the difference between wholesale petroleum product prices and crude oil prices. "Generally what we see in times like that, which we've seen in the past, is the market does work to clean itself up ... We do see global demand continuing to grow next year, which will start to improve some of the oversupply globally."

Espey said while he does believe the market will ultimately correct itself, he expects the challenging refinery market conditions to persist through the remainder of the year.

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