Goldman Sachs: Remain optimistic about the outlook of the refining industry; Valero Energy (VLO.US), Marathon Petroleum (MPC.US), HF Sinclair (DINO.US) are top picks

智通财经2026/10/09 03:11

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According to Zhihu Finance APP, ahead of the upcoming Q3 2026 earnings season for the US refining industry, Goldman Sachs has updated its earnings outlook for US refiners. Before the results release, Goldman Sachs, based on discussions with investors, is focusing on three key points of contention: (a) the outlook for mid-cycle profit margins after a tightening of global refining fundamentals and supply disruptions; (b) the price differential between light and heavy crude oil as supply from Canada and Venezuela increases; (c) capital allocation priorities, specifically how to balance maintaining a robust balance sheet, advancing internal growth projects, and returning value to shareholders.

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Smart Finance APP has learned that as the U.S. refining industry approaches the Q3 2026 earnings season, Goldman Sachs has updated its profit forecasts for the U.S. refining sector. Ahead of the results, Goldman Sachs, based on interactions with investors, is focusing on three key areas of contention: (a) the outlook for mid-cycle profit margins following a tightening of global refining fundamentals and supply disruptions; (b) trends in the price differential between light and heavy crude oil as supplies of heavy crude from Canada and Venezuela increase; and (c) capital allocation priorities, specifically how to balance maintaining a robust balance sheet, advancing internal growth projects, and returning value to shareholders.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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(1) Japanese Prime Minister Sanae Takaichi stated that enhancing Japan’s global economic competitiveness will ultimately boost market confidence in the yen. (2) She defended her fiscal policies in response to concerns that the planned tax cuts might weaken support for the yen. (3) During a parliamentary session, she said: "Regarding our proactive and responsible fiscal policy, we believe that enhancing Japan’s global economic competitiveness will ultimately help maintain market confidence in the yen. This means we are taking a consistent policy approach."

智通财经•2026/10/09 05:06