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Valero Sees US Gasoline Demand Outperforming Diesel in 2024

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Valero expects 2024 gasoline demand to be flat to slightly up from last year and diesel demand to be flat to slightly down from 2023, executives said during a Q1 earning’s call.

  • Product demand will outpace supply, Lane Riggs, Valero’s CEO said.
  • “Refining margins remain supported by tight product balances, with supply constrained by seasonally heavy refining turnarounds and geopolitical events,” Riggs said.
  • Indications are that the autumn turnaround will not be heavier than normal compared to Q1 when a heavy schedule kept product demand tight, according to Greg Bram, vice president refining services.
  • Longer term, Valero expects product demand to continue exceeding supply, even with the startup of new refineries across the globe.
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Valero expects 2024 gasoline demand to be flat to slightly up from last year and diesel demand to be flat to slightly down from 2023, executives said during a Q1 earning’s call.

  • Product demand will outpace supply, Lane Riggs, Valero’s CEO said.
  • “Refining margins remain supported by tight product balances, with supply constrained by seasonally heavy refining turnarounds and geopolitical events,” Riggs said.
  • Indications are that the autumn turnaround will not be heavier than normal compared to Q1 when a heavy schedule kept product demand tight, according to Greg Bram, vice president refining services.
  • Longer term, Valero expects product demand to continue exceeding supply, even with the startup of new refineries across the globe.