2211 GMT - Ampol's Lytton refiner margin in 1H could be better than the market expects, says Morgan Stanley. Ampol has reported a 1Q LRM of US$1.48/bbl, driven by maintenance at its Lytton refinery and regional refining weakness. MS expects the LRM recovered to US$4.12/bbl across 1H as a whole, while acknowledging that consensus expectations are for US$3.94/bbl. "While we anticipate refining margins to moderate to more than US$10/bbl in 2025 with upside volatility, fuel and convenience could face ongoing headwinds," MS says ahead of a likely update from Ampol. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
January 19, 2025 17:11 ET (22:11 GMT)
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