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US refining margins slump as fuel stocks climb
U.S. oil refineries have been processing petroleum at the fastest rate for the time of year since before the pandemic, but rising fuel inventories have begun to weigh on crack spreads and likely signal a slowdown ahead. Refineries processed 17.5 million barrels per day (b/d) of crude and other feedstocks over the week ending on June 7, the fastest seasonal rate since 2018, according to data from the U.S. Energy Information Administration (EIA). Refineries were employing 95% of their operable capacity, up 94% last year, and the highest percentage since 2019, weekly data from the EIA show. But intensive processing is ... (full story)