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Crude fundamentals may support 2H US coke supply
US independent refiners' earnings fell in the second quarter on lower discounts for heavy crudes to light crudes, but they expect differentials to widen once summer winds down, encouraging refiners to run heavier crude slates, which will likely lead to higher petroleum coke output. US independent coking refiners, including Valero, Marathon, Phillips 66, and PBF Energy, all weathered lower margins in the second quarter, partially as a result of a decline in discounts for heavy crudes compared with light crudes. Valero's refining margin fell by 48pc in the second quarter from a year earlier to $15.62/bl. And PBF Energy ... (full story)