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Refinery profits diverging from crude price trends

07/21/2008
A recent examination of cash margins showed how refinery profits have changed since 2002.The results indicated a divergence between crude price trends (resulting in increasing profits to producers) and refinery profit trends. Refinery profits were in a decline after rising between 2002 and the middle of 2006 while crude oil prices continued to rise. Crude oil prices and petroleum product prices are currently at record levels.This study used Muse, Stancil & Co. refinery margins as an indicator of refinery profit trends. Representative crude prices were used to indicate crude price trends.If product markets and crude oil markets were both truly global, margins would remain constant with...
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