In a new report, Credit Suisse analyst Edward Westlake discussed the 2016 outlook for U.S. independent refiners. Westlake believes the favorable market conditions that drove the refining business in 2015 will carry over into next year as well, making many refiner stocks strong buys.

Robust Gasoline Margins

Westlake noted exceptionally strong gasoline margins in the summer of 2015 were driven by strong demand in the U.S. and China. In fact, 2015 global gasoline demand grew at three times its historical rate in 2015. While consensus expectations for gasoline demand predict a regression closer to the long-term trend in 2016, Westlake believes gasoline demand has at least another year of strong demand growth remaining.

Equity Outlook

Most refiner stocks have done…

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