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Europe's refiner margins are up 5-fold in the last decade with earnings this year beating estimates by 50%. In the US, refineries are benefiting even more from cheaper oil and booming demand for gasoline. The volume of oil processed by US refiners is at record highs while strong demand is keeping gasoline stocks lean. In fact, demand is at a cycle high, as Americans drove the most miles ever in the first 5 months of 2015. For refineries in the Middle East, conditions are tougher. Oil-refining capacity continues to hit snags, requiring more exports of gasoline and other refined products.
Daily Intelligence Briefing on REFINERIES