U.S. oil refiners are expected to report a significant downturn in Q2 2024 earnings from a year ago, largely thanks to a tepid summer driving season that has taken a bite out of margins for refiners, Reuters reported on Wednesday. Markets had been banking on an uptick in processing capacity for the second-quarter after fuel demand rose; however, that was counterbalanced by new refineries coming on line in the Middle East, more China exports and steadily increasing diesel stockpiles, analysts told Reuters. “Refining cracks weakened through…
