Informative Articles About Our Research

Poor refining profitability puzzles investors

An Aug. 16, 2021 article titled Phillips 66 Stock: Advantaged By Its Refining-Adjacent Businesses, by Laura Starks was published on ...
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Today’s octane economics

Because octane can seem confusing, consider a more familiar commodity, wine. Imagine you own a vineyard. You produce wine for ...
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Refining’s margin capture problem — here’s the hidden cause

A sore point in US refiners' 2021 earnings has been low "margin capture" rates. Margin capture refers to actual realized ...
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Refiners rebuffed again on RIN price pass-through

In an eight-year battle over Renewable Identification Numbers (RINS), refiners have failed to get much relief from their RIN obligations. ...
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Hidden costs of Tier 3 gasoline hurt refiners’ gasoline production and profit margins

For the first time, US refiners are being challenged to meet the EPA's Tier 3 10-ppm sulfur gasoline specification while ...
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A billion dollar question: do refiners recapture RINs expense?

There is much confusion in the refining industry on whether and how $billions/year of Renewable Identification Number (RIN) expenses are ...
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New gasoline specification is increasing gasoline prices

As gasoline demand increases, a new specification is increasing gasoline prices. The specification, called the Tier 3 Standard, limits gasoline ...
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Understanding RIN Price Fundamentals

It has been proven the pricing of D4 RINs follows basic economic and asset pricing theory. In 2020, the theory ...
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Hoekstra Trading RINs price spreadsheet model

This chart shows, in green, the price of D4 RINs traded from 2011 through March 2021: The black line represents ...
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OPIS Alert – Tier 3 gasoline resurfaces

Here's Tom Kloza's latest writeup on Tier 3 and sulfur credit prices: *********** 2021-03-09 04:50:16 EST ***Tier 3 Sulfur Gasoline ...
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