SEOUL (Reuters) - The crude processing rate at South Korea top refiner SK Energy fell 5 percent from last month to the lowest since June last year, company sources said on Monday.

SK Energy already made an unexpected cut in crude operation rates last month, slashing runs by 15.5 percent due to bad margins for transportation fuels such as gasoline and diesel.
“Margins are not improving ... demand is stagnant while crude oil prices are going up,” said a source close to the company’s crude operations.
“The only thing that is showing some profit is maybe the light distillates (products). Jet fuel and gas oil are doing worse than expected.”
SK Energy’s crude processing rate was 689,000 bpd in June last year, shortly before crude oil prices set a record high near $150 per barrel in July.