A rally in fuel prices that has mirrored the strong performance of crude since the start of the year is set to push U.S. refiners' profits high this year as demand continues to outpace supply. The first data is already in: Valero reported a twofold increase in its refining margin for the first quarter, which helped it book income that beat analyst expectations.
The strong performance of one of the largest U.S. refiners was supported by tightening refining capacity, Reuters reported, on top of the already tight global supply of fuels. Strong performance…American Oil Refiners Set For A Blowout Year
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