Americas: Robust Consumption Jacks Up Prices, Keeps Stocks Low

The market for refined fuels in the Americas remans tight with diesel inventories failing to build and other winter fuels like propane falling seasonally fast. The economic and demand recovery from the Covid-19 pandemic is ongoing. While robust margins ought to prompt refiners to open the throttle, lingering after effects from the pandemic and its impact on operations could put a lid on throughputs. Not only has the region’s downstream undergone a significant rationalization of capacity, but remaining refineries will be subject to a year of heavy maintenance as companies rush to complete delayed turnaround projects.