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As refiners approach earnings season, Wall Street is abuzz with anticipation.
The sector is thriving, with the price of petroleum products consistently outpacing even the soaring price of crude; margins are fat. Companies that process heavier and cheaper oil, whose prices have held relatively low during the rally in light crude, are winning big-time.
Companies such as Valero(VLO Quote) and acquisition target Premcor(PCO Quote) are expected to post record earnings this quarter, as they continue to benefit from high retail prices and wide refining margins. ...
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