VLO - U.S. refiners seek strategies to adapt to lower demand - S&P Global

Nearly 10% of U.S. refining capacity is offline due to low demand, plant repurposing or extended turnarounds, and many companies believe it is still not enough to support refining margins, S&P Global Platts reports.According to the report, 1.69M bbl/day of refinery capacity is offline now or will be soon as refiners cope with weak gasoline, diesel and jet demand compounded by the second wave of the pandemic.The two largest U.S. refiners say they plan to run their refineries at lower rates in Q4 than in Q3: Marathon Petroleum (MPC) plans to run 2.265M bbl/day of crude in its refineries during Q4, compared with 2.39M bbl/day it processed in Q3, while Valero Energy (VLO) expects to process 2.48M bbl/day vs. 2.526M in Q3.Phillips 66 (PSX) recently said global refinery closures have reached nearly 2M bbl/day, with another 700K bbl/day of temporary closures plus another 700K from refineries that have talked about potential of

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U.S. refiners seek strategies to adapt to lower demand - S&P Global