US refner Valero is optimistic on refning industry fundamen- tals in 2022, after the company performed in line with pre- pandemic levels in the fourth quarter of last year. “We saw continued improvement in our business during the fourth quarter with margins supported by strong product demand,” Valero chief executive Joe Gorder said. “We remain optimistic on refning margins, with low global light product inventories, strong demand, global supply tightness, due to signifcant refning capacity rationalization and wider sour crude oil diferentials.”
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