Reported 1 day ago
Investor confidence in the US oil refining industry is waning due to forecasts of decreased fuel demand and concerns over potential tariffs on crude imports by President-elect Donald Trump. Refiners' profits started to drop towards the end of 2023 following years of high profits from supply shortages. Refining margins are normalizing while gasoline and diesel crack spreads decrease, and major refiners like Valero and Phillips 66 saw significant stock declines in 2024. The slowdown in economic activity in both the US and China adds further pressure as analysts predict a challenging year ahead for refiners amid uncertainty surrounding government policies and tariffs.
Source: YAHOO