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Stillwater’s consulting services offer tailored solutions

    Discover the latest insights in the evolving transportation energy market with our comprehensive consulting services. Our expert guidance provides you with critical data and analysis to navigate the market complexities and investment opportunities effectively.

    Strategy & Economics

    Innovative, Deeply Informed Analysis Around Issues Impacting Business

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    Mergers & Acquisitions

    Making Good Industry Matches

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    Policy

    Advising Policy Makers, Informing Market Participants, and Testing Policy

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    Refinery Optimization

    Unlock Untapped Profit With Zero- and Low-capex Refinery Upgrades

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    Testimony & Litigation

    Case Support, Advisement, and Project Management

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    West Coast Fuels Outlooks

    Forward Supply, Demand, Price, and Margin Insights

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    Industry Insights

      Economics

      Low Tanks, High Margins: Why Product Cracks Are at Records, and How Long They Are Likely to Last

      September 9, 2026

      “Refining margins are at all-time highs! $100 cracks! Buy refining stocks?!” We’ve seen the heady buzz around refinery cracks and stock performance. Checking the stocks, the four major American refiners are in fact all up over 100% in the past 12 months, well outperforming the S&P 500 (except P66, but 96% is close!). Major U.S....
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      Economics

      The West Coast Is Redrawing Its Fuel Map. Will the New Pipeline Fit? 

      September 9, 2026

      Bottom Line Up Front: The West Coast is losing refineries, tightening supply, and rewriting its own demand curve through some of the most aggressive fuel policy in the country. To add to the uncertainty, for the first time in a generation, a major new pipeline has reached final investment decision to bring in new supply....
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      Economics

      What do shifting product balances on the West Coast mean for future fuel prices and refining margins? 

      September 4, 2026

      Bottom Line Up Front: West Coast refinery closures, climate regulations, and proposed new pipeline capacity are tightening fuel supply and changing the cost to bring fuels to market. Stillwater’s Supply & Demand Outlook answers how much product the region will have. Our new Price & Margin Outlook answers the next question: At what price, and at what refining margin? Together, under the West Coast Fuels Outlooks banner, they give fuel...
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