Baker & O'Brien, Inc.

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Recent U.S. Refining Margin Growth Mostly Due to Large Gains in the Mid-Continent and West Coast

Despite Refinery Closures, U.S. Product Exports Continue

May 24, 2012

Baker & O'Brien, Inc.’s first quarter 2012 release to PRISM™ subscribers reflects higher margins overall and improvement in nearly every refining district. When compared against the previous quarter, refinery cash margins have risen, on average, about $2.50 per barrel, driven primarily by gains in PADDs 2 and 5 (each up over $3/Bbl.). PADD 4 was the one exception to this trend, with margins declining over $1/Bbl.

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