MNI: U.S. Refinery Highlights Q3, 2025

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Executive Summary: 

See highlights from U.S. refining sector based on the latest Q3 calls. Themes focus on individual refinery developments, refining margins, crude diff outlooks and upcoming California dynamics. 

• Most of the U.S refiners were commenting on thoughts around the California market as key refineries close and the market becomes structurally shorter and dependent on imports.