U.S. refiners expect Russian fuel sanctions to keep margins high

By Laura Sanicola (Reuters) - The European Union's ban on Russian fuel imports that begins next week is expected to keep profit margins high this year at U.S. oil refiners, executives said on Tuesday, as global fuel trade shifts. A Feb. 5 ban on Russian fuel product imports could keep margins high this year and strain inventories of distillate fuels and vacuum gasoil (VGO), a key Russian intermediate, refiners said on first quarter earnings calls. Exxon Mobil, Marathon Petroleum and Phillips 66 on Tuesday posted strong 2022 refining results, citing high demand for diesel and jet fuel and eleva...