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Cowen's Sam Margolin notes gasoline margins have fallen 35% since March 8, which may keep...

Apr. 04, 2013 2:35 PM ETValero Energy Corporation (VLO) StockVLO, ALJ, WNR, ANDV, CVI, MPC, DINO, PSX, NTIBy: Carl Surran, SA News Editor5 Comments
Cowen's Sam Margolin notes gasoline margins have fallen 35% since March 8, which may keep refiner stocks volatile near-term, but he likes the medium-term picture as prices stabilize. Top drivers of refining stock performance over the past two years - accelerated return of cash, monetization of secondary assets, feedstock cost advantages vs. competing global refineries - remain in place for the coming year.

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