Earnings Outlook: U.S. oil refiners looking at ‘record’ Q1 profits ahead of peak summer season

by | Apr 7, 2023 | Stock Market

U.S. oil refiners are expected to report “record” quarterly profits during a traditionally weak season, analysts at BofA Securities said in a note Thursday, calling it a “golden age of refining.” The analysts on average raised their first-quarter earnings expectations for refiners by 9%, thanks to a “strong finish” for crack spreads, or the difference between crude oil futures prices and prices for gasoline and other refined products. “We…

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