Fuel makers in the world’s largest refining hub processed 9.31 million barrels of crude a day last week, the highest for this time of year in data going back to 1992, according to the Energy Information Administration. The US is on pace to ship 2.96 million barrels of products including diesel and gasoline a day this month, the most in more than seven years, according to maritime intelligence firm Kpler.
US refineries are benefiting from Mexico’s struggles in ramping up its new Olmeca refinery ahead of the peak driving season in December, when Mexicans hit the roads after receiving their Christmas bonuses. In Brazil, demand for diesel — a key indicator of economic activity in a country where most goods move by truck — soared to a 24-year high this year as Latin America’s largest economy clocks 12 consecutive quarters of economic expansion.
Strong export demand and low inventories have pushed the profit margin from making gasoline and diesel, known as the 3-2-1 crack spread, to the highest since August.
