Refining Margins Stage Full Reset Leaving The Door Open For Demand To Start Rebounding

All summer, we have been hammering away one point: refining margins will fall. The reality was that when US oil demand started to meaningfully disappoint in June, we had to reach the conclusion that the current elevated refining margins were unsustainable.

Now with the EIA reporting US gasoline demand falling below July 2020 last week, the oil market is …