Narrowing crude oil price differences contribute to global convergence of refining profits

Earnings per barrel of crude oil and other inputs processed by refiners that operate mainly in North America were lower in the second quarter of 2016 compared with the same time last year and are now close to per-barrel earnings by refiners operating elsewhere. North American refiners, which for years were consistently more profitable than other refiners, were less profitable than European refiners and the global average, based on the four-quarter moving average of profits. More »