U.S. oil refiners plan twice as many refinery overhauls this spring as usual, aiming to resume maintenance delayed by the pandemic and by the lure of record-high margins, according to data provider IIR Energy and Reuters reporting.
The size of the planned outages suggests supplies of gasoline and diesel could tighten and margins rise as the European Union's Feb. 5 ban on imports of Russian petroleum products takes effect, increasing the call on U.S. fuels.
"A lot of plants didn't want to shut down last year when margins were strong, but they have to get this work done," said John Auers, refining analyst with Refined Fuels Analytics. U.S. gasoline inventories are 226.8 million barrels, compared to 240.7 million at this time last year, while refinery capacity is 8% lower than before storm Elliott.
New capacity is coming to market soon. Exxon this month launched start up procedures at a $2 billion expansion of its Beaumont, Texas, refinery, Iraq's Karbala oil refinery is expected to start in March, and a second leg of Kuwait's 615,000 barrel per day al-Zour refinery is due to start up next quarter.
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