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Record refinery runs put pressure on profit margins

The Nymex gasoline crack spread, a proxy for refiner margins, dropped over 30% in June, dragged by record US refinery runs and a narrowing WTI-Brent spread. US refiners processed over 18 million barrels of crude per day in the week ending June 22, causing crude inventories to post the biggest June decline on a percentage basis in nine years.

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