US Crude Oil Refinery Demand Influenced Crude Oil Costs
The EIA (U.S. Vitality Information Administration) launched its “This Week in Petroleum” report on February 10, 2016. It reported that the US crude oil refinery demand fell by 105,000 bpd (barrels per day) to 15.5 MMbpd (million barrels per day) for the week ending February 5, 2016. Last week, the US crude oil refinery demand fell by 24,000 bpd for the week ending January 29, 2016. US refineries operated at 86.1% operable capability for the week ending February 5, 2016—compared to 86.6% for the week ending January 29, 2016.
US refinery demand by region
The US refinery demand rose to eight MMbpd in the Gulf Coast area for the week ending February 5, 2016. In contrast, the US crude oil refinery demand fell within the Midwest and West Coast regions for a similar interval. These three regions contribute to a lot of the US crude oil refinery demand.
US crude oil refinery demand in 2015
Currently, the US crude oil refinery demand is zero.6% less than the mangalore refinery petroleum korea refinery demand of 15.56 MMbpd final 12 months. The fall in refinery demand is because of record gasoline and distillate stocks. The weak refinery demand will result in a rise in crude oil stocks. It will have a damaging impression on crude refining oil prices. The fall in crude oil mangalore refinery petroleum korea prices impacts oil producers like Devon Vitality (DVN), Energen (EGN), Laredo Petroleum (LPI), and Pioneer Natural new energy Sources (PXD). The fall in refinery demand mangalore refinery petroleum korea additionally suggests weak retail demand. It impacts refiners resembling Valero Power (VLO), HollyFrontier (HFC), Marathon Oil (MPC), and Phillips 66 (PSX).