U.S. crude oil refineries plan to keep running near full throttle this quarter, according to executives and estimates, as refiners set aside worries about recession and sliding retail prices to deliver more fuel.
did not reply to a request for comment. Citgo Petroleum, which ran its three U.S. refineries at 101% of their combined, 769,000 bpd capacity last quarter, said it does not issue forward-looking guidance.
Historically, U.S. production peaks in the second or third quarter as the summer driving season winds down and companies begin autumn equipment overhauls. U.S. refineries have run this year at record levels due to plant closings, the quick recovery of domestic demand and strong export demand over Russia's invasion of Ukraine. Low U.S. stocks of gasoline and diesel have raised fears of diesel shortfalls as the winter heating season draws more distillates.
U.S. gasoline stocks were at nearly 24 days of supply last week, compared with the pandemic peak of 48.7 days in 2020. Inventories of diesel were 29.4 days, compared with the peak 54.3 days in 2020, according to government data. Third-quarter targets do not incorporate any impact from the Atlantic hurricane season, now moving toward its peak activity period. Plants along the U.S. Gulf Coast have more than 47% of the nation's refining capacity and are most at risk to storm disruptions. Scheduled maintenance typically begins in the third quarter.Reporting by Erwin Seba; Editing by Leslie Adler
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