Few Oil Companies Capitalized on Refining Margin Peaks in Fourth Quarter -- Market Talk

Dow Jones

Jan 06

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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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) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 06, 2026 03:18 ET (08:18 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Few Oil Companies Capitalized on Refining Margin Peaks in Fourth Quarter -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFew Oil Companies Capitalized on Refining Margin Peaks in Fourth Quarter -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-01-06 16:18</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     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) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 06, 2026 03:18 ET (08:18 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"REPYY","symbol_name":"Repsol S.A.","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2601715862","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2601715862","pubTimestamp":1767687480,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"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. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"REPYY":"Repsol S.A.","BK4201":"综合性石油与天然气企业"},"translate_title":"很少有石油公司利用第四季度炼油利润峰值——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"REPYY":0.9},"content_text":"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) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 06, 2026 03:18 ET (08:18 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}