Analysts at Jiahuang Capital Markets wrote that refining profit margins fluctuated in the fourth quarter, with only a few oil giants profiting from sharp increases in October and November. The analysts said profit margins peaked at the beginning of the quarter but returned to normal in December. They said that many refineries are undergoing large-scale overhauls during peak periods, which shows that only a few companies can benefit from it. These analysts said that now that spot profit margins have dropped sharply, investors may ignore the fourth quarter data and focus instead on the current outlook. The analysts wrote that Spain's Ruishuo Energy may be one of the beneficiaries, thanks to its minimal refining overhaul and strong refining profit margins. Shares of Ruishuo Energy rose 0.5% to 17.06 euros.

Analysts at Jiahuang Capital Markets wrote that refining profit margins fluctuated in the fourth quarter, with only a few oil giants profiting from sharp increases in October and November. The analysts said profit margins peaked at the beginning of the quarter but returned to normal in December. They said that many refineries are undergoing large-scale overhauls during peak periods, which shows that only a few companies can benefit from it. These analysts said that now that spot profit margins have dropped sharply, investors may ignore the fourth quarter data and focus instead on the current outlook. The analysts wrote that Spain's Ruishuo Energy may be one of the beneficiaries, thanks to its minimal refining overhaul and strong refining profit margins. Shares of Ruishuo Energy rose 0.5% to 17.06 euros.