Doubling Your Money Gets Harder as European Refinery Boom Fades

Updated on
  • Independent European refiners have returned 28% this year
  • Wood Mackenzie sees refinery margins falling about 50% in 2016

Carlo De Vanna more than doubled his money in an 18-month bet on Italian refiner Saras SpA. Now the Milan-based money manager has sold his stake, predicting the surge in European margins is coming to an end.

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