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Refiners – Deteriorating Profitability May Deflate U.S. Refineries

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Summary: American refiners have been exceptionally strong over the last two years. They’ve benefitted from strengthening oil prices, and more importantly, a widening WTI-Brent spread. But in the last month, that spread and the low-ball prices they were paying, have quickly dissipated. Add overflowing gasoline stockpiles and external political pressure to the mix, and the industry may have some harder times ahead.
As MRP highlighted in mid-June, crude oil production out of the Permian basin is...

 

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