Oil refiners turned in a solid second quarter, as both the WTI and Brent oil prices dropped because of global economic slowdown worries, leading to increased crack spreads. With the price of oil rising steadily the past few months, refiners are finding it difficult in the current environment. However, refiners in the mid-continent are still highly levered to the WTI crude price, providing higher margins and higher utilization rates than their East Coast competitors.
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