Refineries in the middle of the US are curtailing crude processing as profits shrink, leaving behind oil that’s adding to a supply glut and pushing prices to the lowest since 2003. Valero Energy Corp. and PBF Energy Inc. have reduced production at plants in Tennessee and Ohio. PBF’s Toledo refinery is losing money producing gasoline, Chief Executive Officer Tom Nimbley said on a conference call Thursday. Cuts in Midwest refinery runs mean more crude oil gets shoved into storage. Cushing, Oklahoma, the delivery point for U.S. crude futures, already has a record amount of inventories. Sellers were discounting crude for delivery in March […]