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MNI China Daily Summary: Friday, November 17

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Weak retail sales print; but unlikely to have any policy implication

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US Crude Refiners to Soften Output: Reuters

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US Crude oil refiners in Q4 will moderate the high run-rates seen in the summer, amid weak gasoline margins and overhauls, according to Reuters.

  • A shift to distillate production and maintenance season has pulled back run rates.
  • Marathon Petroleum is aiming for 90-94% range, while Phillips 66 said it would operate in the low 90% range.
  • Some refiners, such as Valero, are continuing to aim for higher production to capitalise on strong jet and diesel margins, targeting run-rates of around 93-96.5%.
  • Refineries can shift between 5% and 10% of their production to emphasize either distillate or gasoline production, Reuters said.
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US Crude oil refiners in Q4 will moderate the high run-rates seen in the summer, amid weak gasoline margins and overhauls, according to Reuters.

  • A shift to distillate production and maintenance season has pulled back run rates.
  • Marathon Petroleum is aiming for 90-94% range, while Phillips 66 said it would operate in the low 90% range.
  • Some refiners, such as Valero, are continuing to aim for higher production to capitalise on strong jet and diesel margins, targeting run-rates of around 93-96.5%.
  • Refineries can shift between 5% and 10% of their production to emphasize either distillate or gasoline production, Reuters said.