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Valero Expects Strong Refining Margins to Continue Q4

REFINING

US refiner Valero expects to run its refineries at up to 95% capacity in Q4 because of tight supply for domestic motor fuels as well as overseas demand.

  • Valero's refineries ran at 95%, or 3 million bpd, of combined total capacity in the third quarter. It has 14 refineries with a capacity of 3.2mn bpd.
  • "Refining margins remain supported by strong product demand, low product inventories and continued energy cost advantages for U.S. refineries compared to global competitors," Valero Chief Executive Joe Gorder said.
  • US refiners have also taken advantage of a strong export market to Europe and South America. European demand is likely to keep growing as the February 5 ban on Russian oil products draws near. Europe is still heavily reliant upon those flows.
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