But run rates are apparently slower to pick up vs what was previously implied with repair work likely to last until the end of the month, and now we expect pressure on margins to take hold only gradually.
Gasoline cracks have shown little of that so far and continue to perform strongly, whereas other product cracks already peeled back some of the outages-induced gains.
The inventory situation for transportation fuels looks quite favourable now and they may be able to carry some of that into the driving season, which is expected to come round in Q2.
12 Mar 2021 Featured in: Americas Weekly - Issue 10
Research Highlights - Week 10
Refiners are expected to further ramp up production in the coming weeks, with at least 3.6 million b/d of capacity (vs 5 million b/d of total idled capacity) having already been restarted in Texas (see Americas Weekly Issue 10).