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US Refiners See Modest Demand Gains Amid Tight Markets

OIL PRODUCTS

US refiners see modest US demand gains and relatively tight markets in the US for 2024 despite new refining capacity later in the year according to Bloomberg.

  • Marathon Petroleum expects record global oil demand this year and stronger margins in Q2. Global supply remains constrained, with added capacity progressing slower than anticipated. Marathon expects above average turnaround activity globally in Q1, while the transition to summer gasoline blend will support refining margins.
  • PBF Energy suggest global refining and refined product demand to remain tightly balanced as the overall economy looks constructive.
  • Phillips 66 see global gasoline demand growth of 1% this year while the US remains flat. Global distillate demand to grow about 0.5% with 2% in the US amid a stronger economy. Recovery in international travel to drive 6% global jet demand growth.
  • Valero Energy is optimistic for gasoline cracks as demand improves with the summer driving season while diesel cracks are supported by good demand, low inventories, and increased jet fuel demand. A relatively tight supply-demand balance is expected in the near future with a lengthy startup for new global capacity.
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