November 06, 2023 18:57 GMT
US Daily Oil Summary: US Refiners to Taper Run-Rates
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.
- 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%.
- Refiners in the Great Lakes running heavy sour crudes are capitalising on delays in the Trans Mountain Pipeline expansion and thus falling Canadian crude prices, according to OPIS.
- Gunvor has offered a VLCC of Venezuelan crude to US refiners – the first by a major trading house since US sanctions were eased according to Bloomberg.
- European gasoline arrivals into US ports rose by 23% on the week in the seven days to Nov. 2, according to Bloomberg, recovering from a six-month low the previous week.
- The Bloomberg dollar spot index is largely stable on the, down 0.03% at 1256.25, trading between lows of 1252.88 and highs of 1256.73. The greenback has shown little sign of regaining the steep losses from last week.
- US Treasury Secretary Janet Yellen and her Chinese counterpart will hold two days of talks in San Francisco this week, a step toward more-normal ties ahead of a long-anticipated meeting between the leaders of the world’s two largest economies.
- President Biden is shortly due to deliver remarks on his domestic 'Bidenomics' agenda and announce, "the largest investment in passenger rail since the creation of Amtrak," in New Castle, Delaware.