Fuelmakers Run US Plants at Fastest Pace Since Iran War Erupted
(Bloomberg) -- US fuelmakers are running refineries harder than at any point since the outbreak of the US-Iran conflict, part of an all-out effort to keep global markets supplied with diesel, jet fuel and gasoline.
Refineries processed 17.4 million barrels of crude oil on a daily basis last week, according to the Energy Information Administration. That topped the previous wartime high-water mark set in late July, and surpassed any point since September 2019.
A fuel crisis is ripping through markets worldwide, owing to the disruption of shipping in and around the Persian Gulf, as well as damage wrought on Russian refineries by Ukrainian drones.
The tightness is particularly acute in diesel markets, where the margins captured by producers have swelled to more than $100 a barrel.
The appeal of outsized profits has pushed US refiners to run as hard as possible, making the country an global supplier of last resort.
Meanwhile, jet-fuel production exceeded 2 million barrels a day for the 18th consecutive week. Gasoline output, while still below the seasonal average, ticked higher, as did production of residual fuel oil, propane and propylene.
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