Investors are also looking at the potential effect from Trump's policies. Since the election, refiners are up more than 9.5 percent, while oil producers have gained less than 2 percent, the weakest energy sub-sector.
Macquarie's Dwivedi said some independent refiners may benefit from expected changes to renewable fuel standards, while others may see profits hurt if a border adjustment tax is passed. Since the election, Valero Energy, which supports changes to renewable fuel blending rules, is up 14 percent.
Refiners overall saw margins pinched in 2016 after overproduction of product early in the year. Product inventories for gasoline and distillates are still considered high. That will hurt margins, especially if crude prices rise with production dropping.
This article was provided by Reuters.