Stronger demand and tighter inventories will likely boost margins for US refineries in the second half of 2021, but the road to recovery is expected to be challenging as more refining capacity could be shut, in addition to the 1.1 million barrels per day of closures that have been announced so far. "Demand is not growing fast enough to take up all the spare capacity in the market," said S&P Global Platts Analytics global head Chris Midgley.