U.S. independent refiners such as PBF Energy ( PBF.N ) and Phillips 66 ( PSX.N ) are expected to report another quarter of disappointing profits in coming weeks, as hopes that a record summer driving season would turn the industry’s fortunes around do not appear to have materialized. U.S. refiners are in the midst of their worst year since the shale boom began in 2011. High fuel inventories have punished margins this year, forcing some refiners to voluntarily cut production, delay capital work, lay off workers and slash employee benefits. With margins expected to remain under pressure, relief is not coming anytime soon, analysts say. Overall supply levels are still elevated, and the cost to meet U.S. renewable fuel standards will drag on profits for the remainder of the […]