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U.S. independent refiners are entering a "new golden age" which has not been fully reflected in...

U.S. independent refiners are entering a "new golden age" which has not been fully reflected in the market, Barclays believes, expecting a more sustainable performance than the industry's last strong cycle from 2003-07, driven by structurally lower North American natural gas prices vs. oil vs. international benchmarks. Five favorites: HFC, MPC, PSX, TSO, VLO.
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