Refiners are getting slammed as the Conoco (COP) deal will squeeze profit margins by eliminating some of the glut of cheap oil at Cushing. Phillip Dunham notes the rally in refiners was "all about the Brent-WTI spread, not organic growth. Nice job with late summer upgrades, sell side." Valero VLO -5.7%, Western Refining WNR -8.5%, Marathon MPC -6.1%.
Refiners are getting slammed as the Conoco (COP) deal will squeeze profit margins by eliminating...
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