RBN Energy: making America great again! US refiners processed record crude oil volumes in 2018.
Record runs allowed U.S. refiners to continue a multiyear streak of strong margins in 2018 despite higher crude prices during the first three quarters and a weaker fourth quarter after product prices tanked along with crude in October. While rising crude prices threatened refinery margins, a high Brent premium over domestic benchmark West Texas Intermediate (WTI) kept feedstock prices for U.S. refiners lower than their international rivals. The availability of discounted Canadian crude also helped produce stellar returns for Midwest, Rockies and Gulf Coast refiners that are configured to process heavy crude. Product prices only weakened in the fourth quarter when gasoline inventories began to rise. Today, we highlight major trends in the U.S. refining sector during 2018 and looks forward to 2019.
U.S. refiners processed record volumes of crude in 2018. After processing an average 16.6 MMb/d of crude in 2017, according to the Energy Information Administration (EIA), U.S. refiners upped their game to input an all-time high of about 17 MMb/d in 2018. Increased throughput in 2018 came with minimal additions to operable capacity and represents an annual average utilization rate just above 93% based on weekly EIA data. The 2018 refinery input levels were consistently above the prior 10-year average.China refiners also broke records in 2018.
The Book Page
The Roman Empire and the Indian Ocean: The Ancient World Economy & The Kingdoms of Africa, Arabia & India, Raoul McLaughlin, c. 2014, 2018
25 silver denarii = 1 gold aureus
The book deals with one fundamental question: how did the Roman Empire function, and, in particular, how did it pay for its military costs?
What I am interested in: connecting the dots of pagan Roman rites, Saudi Arabia, and Christian myths and legends.