Commodities
Oil Refiners in US Slow Down, Stoking Global Crude Glut Worries
- Shrinking profit margins, slowing demand prompt smaller runs
- Heavy maintenance seen causing US crude stockpiles to build up
The Marathon Anacortes Refinery in Anacortes, Washington.
Photographer: David Ryder/BloombergThis article is for subscribers only.
Some of the top US oil refiners are throttling back operations at their facilities this quarter, adding to concerns that a global glut of crude is forming.
Marathon Petroleum Corp. — owner of the largest US refinery — plans to operate its 13 plants at an average of 90% of capacity this quarter, the lowest for the period since 2020. Similarly, PBF Energy Inc. announced it’s preparing to process the least crude in three years, Phillips 66 will run its refineries near a two-year low and Valero Energy Corp. expects to trim oil processing.