Prices dip despite run cuts

摘要

US refinery utilisation fell to 81,6pc,the lowest February level in at least 17 years.Refiners began cutting production in December to improve refining margins and have started planned maintenance.Gasoline and distillate inventories are falling,but prices edged lower.Conventional gasoline prices fell on the Atlantic and Gulf coasts amid weak demand.Declining European and Gulf coast imports have reduced Atlantic coast supplies.The Europe to Atlantic coast arbitrage has been unreliable,while west coast gasoline supplies have fallen amid turnarounds(see graph).