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US Refining Utilisation to Fall to Low 90s This Quarter

REFINING

Run rates at US refiners to ease back this quarter after the high summer levels amid weak gasoline margins, turnarounds and with a greater shift to producing distillates according to Reuters.

  • Refinery executives are aiming for utilisation rates in the low-90s in Q4 compared to the mid- to upper 90% range most of the year.
  • Marathon Petroleum plans to operate 13 domestic plants processing 2.9mbpd at 90% down from 94% last quarter while Phillips 66 aims for the low 90% range, down from 95% in Q3.
  • Valero however aims to operate 14 refineries with combined crude oil capacity of 2.7mbpd between 93% and 96.5% to capture jet fuel and other distillate demand. HF Sinclair runs could also increase this quarter with turnarounds completed.
  • Gasoline production will still be enough to meet the weaker demand and keep prices down with rates of gasoline production boosted by refiners aims to supply more distillates. US gasoline retail prices have fallen 37 cents in the last month to 3.44$/gal according to AAA.
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