22 Mar Will Spring Breakers Boost Refinery Utilization?
As students and families prepare to travel for spring break, industry leaders question the effects on U.S. refineries’ processing rates. On this week’s market preview, Matthew V. Veasey sat down with industry leaders: Jon Donnel, Samuel Indyk, Tom Seng, and Mark Le Dain to discuss market indicators.
Jon Donnel listed some of the macro indicators for crude pricing worth watching: refinery utilization, import volumes, and frac spread count. Europe will remain top-of-mind to see the outcomes of the AstraZeneca (NASDAQ: AZN) vaccine ban.
Samuel Indyk mentioned that he would be monitoring the U.S. crude oil inventories to see if they increase for their fifth consecutive week. This will indicate if the Texas refinery outages are still affecting the data.
Tom Seng adds that the fall of oil prices will result in “bargain” buying in the coming days. Also, it’s crucial to monitor the spread of the variant as it will reverse the gains from vaccine rollout.
Mark Le Dain added that pent-up demand for gasoline is on track to surpass records in the U.S. in the summer. To read more, click here.