U.S. oil refiners have been major beneficiaries of the global disruptions to oil and refined-product supplies caused by the war with Iran. The sector’s key benchmark index is therefore on track to record its best year ever. However, Jonathan Krinsky, an analyst at BTIG, believes there is too much optimism about a post-midterm rally in the sector. Refineries have been operating at high capacity, and an unusually significant maintenance season is expected to weigh on their performance and potentially interrupt the historic rally.
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