The market is "overly excited" about a banner Q3 earnings season for oil refiners, Citi says in...

|By:, SA News Editor

The market is "overly excited" about a banner Q3 earnings season for oil refiners, Citi says in downgrading Valero (VLO), Marathon Petroleum (MPC) and Phillips 66 (PSX). While the U.S. refining fleet should maintain structural advantages, the firm thinks these are already priced in over the long-run (I, II). Credit Suisse also raises concerns about the sector facing tighter margins this winter.