Canadian-owned refineries expected to register higher profits amid Gulf Coast disruption
CALGARY — Canadian-owned refineries are expected to register higher profits as more U.S. Gulf Coast facilities are shut down due to ongoing extensive flooding from what’s left of Hurricane Harvey.
And some analysts say refinery outages in Texas that have already sparked higher gasoline prices in the United States and Canada will likely continue to affect North American fuel markets for months.
“Gasoline prices moving higher, it does help all of the refiners,” said Randy Ollenberger, managing director of oil and gas equity research for BMO Capital Markets in Calgary.
“Cenovus and Husky, because they have Midwest refining assets — as does Suncor in Denver — they’ll probably see more of the strength in product prices than we’ll see in Ontario or Alberta (refineries).”