American refiners are planning lower refinery utilization rates after producing gasoline at high rates amid softening demand, Reuters reports
. In the past month, U.S. national average gasoline prices have dropped to $3.418 from $3.746, with prices continuing to gradually decline, according to AAA. While targeting utilization rates in the low-90s, after the bulk of the year saw a high-90s rate, refiners say output will remain high enough to ensure that gas prices remain on their lower track due to softening seasonal demand.
Gasoline inventories are now 8.2% higher than a year ago and 2% higher than the five-year season average. Additionally, the EIA showed a 0.2% drop in refinery utilization to 85.4%. For now, U.S. refiners are riding high on the Q3 earnings season, which showed stronger demand. Back at the pump, the U.S.
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