July 21, 2022 – Bloomberg News
Weak Summer Gasoline Demand Is Eroding US Refining Margins
By Chunzi Xu
Seasonally low demand and weaker crude have driven gasoline futures to their lowest level in more than three months to around $3.12 a gallon. The futures benchmark is the pricing basis for wholesale and retail gasoline in the US, and its decline signals pump prices have more room to fall.
Weaker margins have prompted refiners to dial back on gasoline production while keeping overall operation rates elevated, in part to chase returns...