The apparent need for some domestic refiners to idle their facilities and a re-balancing of the US’ crude oil trade position captured the reader’s attention over the past week.
In Q3 this year and in most months of 2021, the Energy Information Administration (EIA) predicted the US will return to its former net oil importer status. Amid a sharp drop in domestic refinery runs, the net petroleum product exports are expected to hit a low point during Q3 2020.
To address lower fuels demand, a sufficient approach for some refineries may be slashing utilization rates. However, the more drastic step of shutting down may be required. Next week, Marathon Petroleum Corp. might shut down its refinery located in Gallup. This will be the first shut down in US facility.
Speculation about oil production cuts from major producing countries is another popular article captured the reader’s attention.
