Fitch: NorAm refiners' cashflow should be 'reasonable' through yearend

06/18/2012
Free cash flow for North American refiners is expected to stay reasonable throughout the remainder of 2012 despite weakening global demand and other market difficulties, Fitch Ratings said, citing the availability of crude oil from US shale plays. The US Energy Information Administration shows US demand for gasoline is down 5.4% year-to-date, and current US gasoline demand levels were last seen in 2000. Economic contraction linked to the European sovereign debt crisis further limits the prospects for near-term gasoline demand growth in the Atlantic market. Other limitations involve downward revisions in global oil demand growth estimates, led by dropping auto sales in China. Fitch also no...
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