U.S. refinery runs remain lower than the five-year average in most regions (11/4/2020)

Gross inputs to U.S. refineries, also referred to as refinery runs, have been lower than the five-year (2015-19) average since April, when responses to the 2019 novel coronavirus disease (COVID-19) reduced demand for refined products such as gasoline, distillate fuel, and jet fuel. Since the end of August, the continued effects of the pandemic in the United States and in crucial destinations for U.S. petroleum exports in Europe and Latin America, in addition to seasonal factors, have resulted in continued lower refinery runs. The sustained lower runs throughout 2020 combined with relatively low crack spreads—an approximate indication of the profitability of refining based on the relative values of gasoline, distillate, and crude oil—have resulted in several announced refinery closures in the United States and abroad. ... More »