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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Austin Smith has no positions in the stocks mentioned above. Joel South has no positions in the stocks mentioned above. The Motley Fool owns shares of Western Refining. Motley Fool newsletter services recommend HollyFrontier. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.