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Analyst: Three reasons U.S. refiners need not worry about narrower spreads

Mar. 25, 2015 5:45 PM ETValero Energy Corporation (VLO) StockVLO, WNR, DK, ANDV, MPC, PBFBy: Carl Surran, SA News Editor6 Comments
  • The difference between the price of oil and the gasoline made from it would be bad news for U.S. refiners if the spread shrinks, but Cowen analyst Sam Margolin and Jason Gabelman offer three reasons why they’re not worried.
  • With valuations remaining attractive, the analysts see three themes emerging to carry continued outperformance in refineries: positive consumer fuel demand response to lower prices, sustained crude oversupply into the fall turnaround period, and midstream consolidation and growth as a shareholder-friendly use of cash.
  • The analysts have Outperform ratings on VLO, TSO, MPC, WNR, PBF and DK; only WNR failed to finish with a solid gain in today's trade.

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