U.S. refiners bet on strong exports to balance market

28 Apr 2017   Oil Supply

U.S. refiners have come out of maintenance season betting that big exports to Mexico and South America will help alleviate high product inventories and boost margins as the critical summer driving season nears. The first wave of earnings results from several large independent U.S. refiners showed that they are not chasing U.S. gasoline profits, due to already high inventories and steady-but-not-spectacular demand. Instead, they are taking advantage of demand from places like Mexico and South America, where sputtering local refineries cannot meet customer needs. Marathon Petroleum Corp ( MPC.N ), which just completed its largest-ever quarter of turnaround projects at its three Gulf Coast refineries, expects to process more crude than ever in the second quarter, the company said in its earnings release on Thursday. “The export book continues to be strong,” Marathon CEO Gary […]

Comments are closed.