PHILLIPS 66

Valero Energy Corporation

- Pretty spectacular [pop](https://www.ft.com/content/78aeb4ce-e181-47ec-b669-b22af4ab73cf) in refining margins.
- “_Permanent refinery closures since the start of 2019 reduced global capacity by around 4.7mn barrels per day, Barclays estimates, and new refinery capacity such as at Kuwait’s Al Zour can’t be brought quick enough. As a result, US and European refinery gross margins are least four times the long-run average_“
- $PSX $VLO etc.


![](https://cdn.commonstock.com/3fa479e917d5cf74743ffcb874e51c37432d0a3f13853c72ace89a21e8206ec3-698x556.png)

Oil, Binance, Somaliland, tipping, waste management, etc

https://www.ft.com/content/78aeb4ce-e181-47ec-b669-b22af4ab73cf

Refining Margins

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