With crude oil and products inventories stuck at high levels and refining margins looking as though they may remain dismal through spring of next year, US refineries currently have little incentive to buy much crude. Crude trading was sluggish in the US last week, as crude stocks stood at around 340 million barrels, some 10% higher than last year. Refineries are in no rush to emerge from the maintenance season and several have announced plant closures. Traders say that high-conversion units such as cokers continue to operate at a loss, and several of these units have been idled.
展开▼
