Gross inputs to US refineries exceeded 17 million b/d in each of the past 4 weeks, according to the US Energy Information Administration . That’s a level not previously reached since EIA began publishing weekly data in 1990. The rolling 4-week average of US gross refinery inputs has been above the previous 5-year range during 2010-14 every week so far this year, reflecting both higher refinery capacity and higher utilization rates. Lower crude oil prices and strong demand for petroleum products, primarily gasoline, both in the US and globally, have led to favorable margins that encourage refinery investment and high refinery runs. Refinery margins are currently supported by high gasoline crack spreads that reached a peak of 66¢/gal on July 8, a level not reached since September 2008. “For the past several years, distillate crack spreads have consistently exceeded those for gasoline, but since May, this trend has reversed,” […]