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OPEC Production Falls To Three Decade Low

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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Gulf Coast Refineries Process Record Volume Of Crude

Gulf Coast refineries processed a record-high amount of crude oil last week, at 9.649 million barrels daily, the Energy Information Administration said in its weekly petroleum status report. The national total was also very high, at 17.981 million bpd.

This summer has been very productive for U.S. refineries. The average capacity utilization rate at Gulf Coast refineries also hit a record, at 99.7 percent last week. What’s more, the four-week average crude oil throughput for all U.S. refineries passed the 18-million-bpd mark for the first time in history.

The data reflects strengthening demand for oil products both domestically and internationally, with an emphasis on gasoline and distillate, the EIA said, with domestic gasoline demand hitting an all-time high in early June and remaining robust through the next two months.

Exports of gasoline are also on the rise, with the figure for the second week of August at a daily average of 935,000 bpd, versus 670,000 bpd a year ago.

This year is seen as the second in a row when refineries will book record-high activity, which reflects the strengthening of the U.S. economy, with this driving season making a good case in point. There’s been a lot of driving this summer season, and that’s despite rising prices at the pump. These gained 31 percent between May 2017 and May 2018, but driving increased nevertheless, and it increased further during the summer months.

The increase in driving, according to a CNN report, was directly linked with the increase in refining activity in the past few months, which kept the supply of fuels robust and put a lid on prices at the pump. And refineries are refining more because their profit margin on gasoline, the most popular fuel, has improved substantially over the past 12 months. Margins on diesel have also risen, adding more incentive for refiners to go at full throttle and break records.

By Irina Slav from Oilprice.com

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  • Thomas on August 16 2018 said:
    Funny, I thought the Refining Industry was supposed to be hurting, isn’t that why Scott Pruitt lavished them with so many waivers over the last two years to avoid blending ethanol? (49 at last count, but still “considering more”.) Stick it to the Farmers with 2.25 Billion Gallons of Ethanol Demand Distruction. Who cares, their just Farmers Right?

    Shows what a Total SHAM the whole EPA Small Refiner Waiver Program really is, and those Politicians and Organizations that support it. Oil Rules while everybody else gets to Drool, thanks to our Oil Controlled EPA.

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