High-temperature forecasts into August could keep U.S. gasoline makers from running all out for the last stretch of the summer driving season, dimming hopes for relief at the pump.
U.S. refineries are struggling to return to the peak utilization rate of 95.8% seen in early June. Since May, at least four facilities reported fires while other seven had to take units down due to power outages and unplanned repairs, according to data compiled by Bloomberg. “The ability to cool the tower overhead can become a constraint at high ambient temperatures,” Dwivedi said in a report.
Cooling capacity issues have also dogged European refineries struggling to process lighter crudes in the aftermath of supply cuts from Saudi Arabia and Russia. French refiner TotalEnergies SE and Italian fuelmaker Saras SPA recently lamented the dampening impact of baking temperatures. “Refineries do not like hot weather,” TotalEnergies SE CEO Patrick Pouyanne said on an earnings call.In July, global fuelmakers processed 82.
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