"The days of $20 spreads have passed," BAML says as it grows more cautious on refiners whose...

|By:, SA News Editor

"The days of $20 spreads have passed," BAML says as it grows more cautious on refiners whose earnings face strong headwinds from the collapse in WTI-Brent spreads. The firm downgrades Marathon Petroleum (MPC) to Neutral from Buy, while also cutting HollyFrontier (HFC) and Calumet Specialty Products (CLMT). (earlier)