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Oil

US refining margins poised for recovery after dismal Q1

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Listen: US refining margins poised for recovery after dismal Q1

S&P Global Platts editors Seth Clare and Kristian Tialios unpack first-quarter earnings from the US refining sector and discuss the causes for the industry's lackluster margins.

OPEC+ production cuts, sanctions on Venezuela and Iran, and new supply curtailments in Canada all made the feedstock market more challenging for US refineries while excess fuel supplies put downward pressure on refined product markets. Despite a poor Q1, the refining sector remains optimistic about Q2.