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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Dennis Roth who wrote (180482)10/23/2013 9:44:30 AM
From: Dennis Roth2 Recommendations

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whitepine

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Oil Insights
European Refining: Structural Overcapacity remains
21 October 2013 ¦ 22 pages ir.citi.com

It gets worse before it gets better – Citi's base thesis on European refining is that
low margins are needed to incentivize closures in an industry that faces significant
overcapacity. Extremely weak 3Q margins should serve as a reminder of this thesis
playing out. Changing balances across the Atlantic Basin have in our view put
further pressure on the industry (see our note: Refiners Suffer as Russia Hits and
Exports Dry), and lead us to revise down 2014/15 margins by 20% to levels that we
think are needed to accelerate industry restructuring.
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