How Are Refining Margins Trending in Q3 2018?

To gauge the refining margin environment in the current quarter, we’ll consider the refining margin indicators published by Andeavor (ANDV), Marathon Petroleum (MPC), and Valero Energy (VLO). Andeavor’s refining index values, which are regional crack indicators in the areas where ANDV operates, point towards the likely margins of the company. ANDV publishes these index values for three regions: California, the Pacific Northwest, and the Midcontinent.