U.S. Refineries Are Swinging for the Fences This Summer
- Narrowing window for profits is driving fuel production
- Mixed signals flashing on whether all-out run is a good idea
The Valero Energy Corp. Wilmington Refinery adjacent to the Port of Long Beach in Wilmington, California.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
Summer is the time of the year when refiners are apt to chase profits regardless of what supply and demand numbers tell them.
Particularly this year, after more than 12 months of retreat and industry losses in the billions because of a pandemic that paralyzed economies, the need for urgency is plain. The July 4 holiday, traditionally a big driving time in the U.S., begins next weekend. Not far behind looms August when the Atlantic hurricane season traditionally kicks into high gear.