American oil refiners finished the year better than expected – Kommersant
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According to agency estimates Reuters, leading independent US refiners finished last year better than analysts’ forecasts and expect demand to only grow this year. Marathon Petroleum, Phillips 66 and Valero Energy received a combined profit of $25.7 billion in 2023, which is lower than in 2022 ($33.9 billion), but exceeded the forecasts of Wall Street analysts, who expected turmoil in the energy market due to the war. conflict in Ukraine. As a result, shares of these companies have already increased by 8-11% since the beginning of the year, outpacing the average performance of energy stocks included in the S&P 500 index.
“Investors are reacting positively to the situation in the oil refining sector, especially given the current demand for gasoline,” the agency quotes Matthew Blair, an analyst at the Houston investment company Tudor, Pickering, Holt & Co. This year, market participants and experts expect further growth in demand for refined petroleum products. In 2023, global demand growth for gasoline was 3%, for distillates – 2%. In 2024, Phillips 66 executive vice president Brian Mandell expects global gasoline demand to grow another 1% and distillates to grow 0.5%.
Read about the market situation in the Kommersant publication. “Easy to rise oil”.
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