October 11, 2022 – Bloomberg
(BN) US REFINERY INSIGHTS: California Refinery Work Delayed to 2023
By Barbara Powell and Chunzi Xu
(Bloomberg) -- With a spate of fall maintenance poised to start this month at some of California’s largest oil refineries, at least three plants planning turnarounds took a look at the tightening market and said: nope, not now.
It’s easy to see why: Boosted by maintenance that had already begun in September, the 3-2-1 crack spread, a measure of the profit of turning crude oil into two part gasoline and one part diesel, is about three times higher than a year ago. Gasoline inventories in California are below the five-year average for this time of year, while stockpiles in the broader West Coast region are the lowest in more than a decade, according to the US Energy Information Administration.
“They’re doing the right thing for their business plan and also for the consumer,” said John Auers, managing director of Refined Fuels Analytics, a division of RBN Energy. “If those three were to go down, it would have made a tight situation worse.”
Read the full article here: https://blinks.bloomberg.com/news/stories/RJJYEIDWX2PS
