(Bloomberg) -- Some of the top US oil refiners are throttling back operations at their facilities this quarter, adding to concerns that a global glut of...
-- Some of the top US oil refiners are throttling back operations at their facilities this quarter, adding to concerns that a global glut of crude is forming.NYC Subway Riders See ‘Exceptionally High’ Air Pollution
Margins to convert crude into fuels are shrinking amid mismatches in the timing of refinery closures, conversions and new capacity additions at the same time as electric vehicles and heavy trucks fueled by LNG are growing in popularity in China, the world’s top oil importer.At the same time, global supplies of crude are expected to rise through the end of the year, even as new refineries ramp up.
“The market is no longer willing to pay a huge premium for that because the tensions haven’t so far resulted in a loss of barrels,” said Dwivedi, who sees benchmark Brent oil averaging $75 a barrel in the fourth quarter and dipping to $64 in the second quarter. Three things with Kate Ceberano: ‘I’ve never seen one like it for sale … I should probably patent it’
Phillips 66 Valero Energy Corp. Vikas Dwivedi PBF Energy Inc. Oil Prices Oil Refiners Global Glut Marathon Petroleum
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