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OIL PRODUCTS
Refining margins in the two largest US refining centres – the US Gulf Coast and the US Midwest – show how hot weather and storms can have opposite reactions on refining margins and crack spreads, Platts said.
- Hurricane Beryl hit the USGC and while most of the refinery system escaped unscathed, some facilities, like Marathon’s 631k b/d Galveston Bay refinery, lost power.
- USGC refinery utilisation fell to 92.7% for the week to July 12, compared to 97% the week prior.
- USGC cracking margins for WTI averaged $11.84/b July 12 and were down to $10.89/b July 19. Q3 margins in the USGC are lagging on 2023
- In the Midwest, Beryl caused thunderstorms leading to Tornados, cutting power to Exxon’s 251.8k b/d Joliet refinery. This sent refining margins higher.
- Chicago cracking margins for WTI ex-Cushing averaged $8.42/d July 12 but are averaging $17.65/b for the week ending July 26.
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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