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U.S. refining margins down to five-year lows due to high gasoline inventories

Source: Xinhua| 2018-11-28 01:06:23|Editor: Mu Xuequan
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HOUSTON, Nov. 27 (Xinhua) -- Motor gasoline refining margins for refiners in the United States have reached five-year lows in October and November and are expected to rebound in the summer of 2019, the U.S. Energy Information Administration (EIA) said on Tuesday.

The EIA believed flattening year-over-year growth in gasoline demand in the United States, combined with high levels of refinery output, have contributed to the low margins this year.

Gasoline refining margins-the difference between the spot price of gasoline and the Brent crude oil spot price-have been on a downward trend since August, said the organization. At the same time, strong growth in distillate demand has driven increased distillate prices and refining margins.

This combination of low gasoline and high distillate refining margins may signal a shift by refiners to maximize diesel fuel production instead of gasoline production, EIA projected.

Crude oil processed through a U.S. refinery typically yields about twice as much motor gasoline as distillate fuels. As a result, although gasoline margins have been low recently, refiners cannot completely stop making gasoline in favor of other petroleum products, such as distillate.

According to EIA, combined with increased levels of refinery output driven by strong demand for diesel fuel, gasoline production has outpaced demand, and inventories have increased beyond their normal seasonal levels, lowering gasoline prices and, as a result, gasoline margins.

Motor gasoline margins based on wholesale gasoline prices at New York Harbor averaged 26 cents per gallon in the first half of 2018, but fell to an average of 4 cents per gallon in October 2018 and have been negative so far in November.

Changes in margins in the Coast of Gulf of Mexico were similar, falling from 27 cents per gallon in the first half of the year to 1 cent per gallon in October and falling further to negative values during November.

In its latest Short-Term Energy Outlook, EIA expects that gasoline refining margins will remain low during the winter before rebounding and following their normal seasonal patterns heading into the 2019 summer driving season.

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