U.S. independent refiners such as Valero Energy Corp and Phillips 66 look set to post another quarter of disappointing earnings, putting the industry on track for its worst year since the U.S. shale boom began in 2011. The companies had hoped to rebound from a weak first quarter on the back of strong U.S. gasoline demand. But while U.S. motorists have taken to the highway in record numbers, refiners have been undone by record supplies of gasoline and diesel products. High volumes of imports, combined with refiners switching to maximum gasoline output earlier than usual, resulted in inventories climbing well above seasonal highs and even hitting record highs on the East Coast. In recent weeks, analysts have slashed second-quarter estimates ahead of earnings season and tempered their expectations for the remainder of the year. Several are […]

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