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U.S. oil refiners set for first profit since onset of pandemic Source: By Arathy S Nair, Reuters • Posted: Wednesday, July 28, 2021
July 28 (Reuters) – U.S. oil refiners are set to post their first quarterly profit since the COVID-19 pandemic, even though higher oil prices and weaker margins in June have tamed analysts’ optimism fostered by the rebound in fuel demand.
U.S. gasoline and diesel fuel demand has nearly recovered to 2019 levels following the plunge in travel and business activity during the worst of the coronavirus pandemic in 2020. Refiners ramped up processing on the back of the resurgence in activity, but are also grappling with higher crude oil prices , which have surged 48% this year.
U S oil refiners set for first profit since onset of pandemic
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