Refiners Hit Three-Year Low as Oil Price Rebound Pares Margins

(Bloomberg) -- As oil prices rebound and many producers rally, U.S. refiners are getting hit hard.

Profits from processing crude into gasoline and diesel are narrowing as refiners confront the double whammy of rising costs and a gasoline supply glut that’s keeping prices at the pump cheap.

The Bloomberg Intelligence North America Refining & Marketing index fell as much as 4.9 percent on Monday to the lowest since 2012, extending its decline this year to more than 35 percent. Marathon Petroleum Corp. slumped as much as 6.7 percent, and is down by more than 30 percent for the year. Valero Energy Corp. lost more than 4 percent, bringing this year’s decline to 28 percent.

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