The US fuelmaking complex is faltering as consumption stalls and profit margins shrink, suggesting a possible oversupply of crude, limiting oil price gains despite production cuts and geopolitical tensions.
Throttling back operations may lead to heavy refinery maintenance in the fall, potentially adding to crude builds in the US, impacting global supply-demand balances.
Shrinking refining margins, changes in global fuel demands like electric vehicles and LNG-fueled trucks, and rising crude supplies spell challenges for the industry despite new refinery additions.
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