Oil Refiners in U.S. at Full Throttle With Margins Under Threat
- Record demand from U.S. refiners draws down crude stockpiles
- Lackluster demand seen hurting fuel-makers’ profit margins
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U.S. refiners have returned from maintenance with a vengeance, processing more than 18 million barrels a day of crude and other oils for the first time in the week ended June 22. What does that mean for the markets?
Gasoline stockpiles have increased 2.9 percent in June, the biggest gain for the month since 2009. There’s enough supply to cover 25.4 days of demand, almost a full day above the five-year average.