Valero does not see repeat of weak margins

摘要

Swelling US products stockpiles will not deliver another year of profit-squashing oversupply, independent refiner Valero said yesterday on its fourth-quarter earnings call. Abundant summer gasoline production and weak seasonal heating demand left US refiners piling up steep product inventories last winter that cut into profits for much of the year. Stockpiles so far this year have climbed even higher, according to the Energy Information Administration (EIA).