US oil refiners are planning to reduce production in the third quarter due to declining margins and falling demand after the summer peak.
U.S. oil refiners are planning to reduce output during the third quarter amid falling margins as demand begins declining from its seasonal peak. Bloomberg reported that Marathon Petroleum planned to reduce its capacity utilization rate to 90% at all its 13 refineries, which is down from 97% for the second quarter. PBF Energy was going to cut its processing rates to the lowest in three years. Valero Energy would be reducing its operating rate from 3 million barrels daily to 2.86 million bpd.
“That’s going to weigh on balances and may add to crude builds in the US for the rest of the year.” U.S. crude oil inventories have been declining for six weeks in a row now, suggesting healthy demand for fuels during peak driving season. However, as the summer ends, demand normally starts declining as well, motivating refiners’ adjustments in production.
US Production Cuts Refining Margins Demand China Crude Oil Inventories Global Oil Market Bloomberg NEF Dangote Refinery
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