US refiners pin hopes on product exports

摘要

US independent refiners are counting on higher exports from their Gulf coast plants to relieve a domestic supply over-hang that hit profits in the third quarter. But the surge in refinery runs could still outpace the ability of export markets to absorb US products. Refiners held runs at their highest third-quarter levels since 2006, despite plummeting margins (see table). Extra demand made imported crude competi-tive again in the third quarter, although US grades have since regained their price advantage (AGM, 13 September, p2).