Crude Hits Hurdle as U.S. Gasoline Glut Puts Brakes on Refining
- Cheap fuel in Midwest means margins at lowest in over a year
- Valero, PBF have reduced production in Tennessee, Ohio units
WTI Crude Falls to Twelve-Year Low
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Refineries in the middle of the U.S. 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, Ohio and Texas. PBF’s Toledo refinery is losing money producing gasoline, Chief Executive Officer Tom Nimbley said on a conference call Thursday.