US Refining Margins Stronger, But Tough Roads Still Ahead

摘要

The decline in crude prices has strengthened US refining margins, but the outlook still looks bleak for the industry. Refiners are cutting back on output - especially gasoline - some are closing down plants, while others are filing for bankruptcy.In the last week of December, US refining margins rose by $1.79 to average $11.40 per barrel, according to analysts at UBS. But the composite average for the fourth quarter is just $5.83/bbl, almost 60% below the third quarter and down 40% from the fourth quarter of 2007.