Valero Energy Corp (VLO.N) expects lower refinery utilization over the rest of the year as companies step up efforts to counter slumping refining margins caused by record supplies of gasoline and diesel products.
Shares of Valero, which also reported a better-than-expected quarterly profit, were up 3 percent at $51.88 in morning trade on Tuesday. Continue reading “Valero expects lower refinery utilization as margins tank”