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Stock impact report

US fuelmakers to report lower Q3 profits on weaker margins, fuel demand [Yahoo! Finance]

Valero Energy Corporation (VLO) 
Last valero energy corporation earnings: 4/29 06:30 am Check Earnings Report
US:NYSE Investor Relations: investorvalero.com
Company Research Source: Yahoo! Finance
last year on weakening margins as fuel demand softened and new refining capacity came online, energy analysts said. Refiners have come off favorable pricing and strong demand after the pandemic and Russia's invasion of Ukraine boosted margins to record levels. U.S. gasoline and diesel cracks, the difference between product and crude prices, declined during the third quarter and margins slipped to multi-year seasonal lows on lackluster summer fuel demand. During the quarter, the U.S. gasoline crack spread fell to $11.73 a barrel in September, the lowest since November 2023. The diesel crack spread traded at $17.98 a barrel in September, its lowest since July 2021. "Cracks continue to correct from extraordinary levels from the past few years,” said TD Cowen analyst Jason Gabelman. Fuel demand remained about 5% below pre-COVID levels during the quarter while supply out of new refineries around the world increased, putting downward pressure on cracks, he said. U.S. refinery marg Show less Read more
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