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Refineries sharply cut crude use as seasonal maintenance begins

Oct. 01, 2014 3:26 PM ETTotalEnergies SE (TTE) StockUCO, TTE, USO, OIL-OLD, DBO, USL, UGA, DTO, OLO-OLD, SCO, DNO, BNO, CRUD, UWTI, DWTI, PSX, SZOXF, OILBy: Carl Surran, SA News Editor1 Comment
  • U.S. refineries lowered the crude oil they processed by the most in eight months, to 16M bbl/day and down 3.8% from the previous week, as plants began normal seasonal maintenance.
  • Plants typically schedule maintenance in September and October when units move from maximizing gasoline output to producing winter fuels.
  • Examples: Maintenance has begun at Total’s (NYSE:TOT) 225K bbl/day Port Arthur, Tex., refinery, Phillips 66’s (NYSE:PSX) Lake Charles refinery is conducting planned maintenance, and Motiva Enterprises' Norco, La., refinery began planned work this week.
  • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, CRUD, USL, UWTI, DNO, OTC:DWTI, SZO, OLO, OLEM

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