0817 GMT - Refining margins had a roller-coaster of a fourth quarter and only some oil majors will have capitalized on the material spikes in October and November, RBC Capital Markets analysts write. Margins peaked early in the quarter but normalized in December, they say. Many refineries were under heavy maintenance during the peak which suggests only a few companies were able to benefit, they say. Now that spot margins have fallen materially, investors are likely to look through fourth-quarter numbers to focus on the prevailing outlook, they say. Spain's Repsol is one that has likely benefited from minimal refining maintenance and strong refining margins, the analysts write. Repsol shares trade up 0.5% to 17.06 euros. (adam.whittaker@wsj.com)

(END) Dow Jones Newswires

January 06, 2026 03:18 ET (08:18 GMT)

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