Refiners Stung by OPEC Output Deal Face a Bigger Problem
- Margins decline as oil price rises amid increasing fuel glut
- Marathon, Valero among biggest losers, declining over 6%
OPEC Agrees to Cut Oil Output, What's Next for Prices?
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OPEC has just made the life of independent U.S. refiners a little harder.
The jolt to crude prices following the cartel’s deal to limit output comes just as mounting fuel inventories prevent refiners from passing rising costs through to distributors. The BI North America Refining & Marketing index fell 4.6 percent on Thursday, the most since June 27.