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The Long Bull Run for U.S. Oil Refiners Shows Signs of Slowing

  • Refiners among biggest energy losers as U.S. oil output falls
  • Less output means higher domestic prices, crimping margins
An oil refinery in Memphis, Tennessee.

An oil refinery in Memphis, Tennessee.

Photographer: Luke Sharrett/Bloomberg
Updated on

The end of the U.S. shale boom is about to claim another victim: oil refiners.

Refiners are showing signs of slowing down after an unprecedented rise in U.S. crude production sent them on a five-year bull run. Citigroup Inc. downgraded five refining stocks Wednesday, including a subsidiary of billionaire Carl Icahn’s CVR Energy Inc. Profit margins from turning oil into gasoline and diesel fell last week to the lowest level since 2010, according to data compiled by Bloomberg.