“As we saw during most of 2022, refining margins were supported by low product inventories, which resulted from the significant permanent global refinery shutdowns and the continued recovery in product demand.
Our refining system also benefited from heavily discounted sour crude oils and fuel oils. These discounts were driven by increased sour crude oil supply, high freight rates, and the impact from the IMO 2020 regulation for lower sulfur marine fuels.
Also, high natural gas prices in Europe incentivize European refiners to process sweet crude oils in lieu of sour crude oils, adding further pressure on sour crude oils. And our refining projects that are focused on reducing cost and improving margin capture remain on track.”
俄乌战争后，美国炼油厂的基本面已经彻底改变了，而且短时间内供给是上不来的（美国最近一个炼油厂是1970年代修建的），欧洲也没有了低价的天然气，暂时也没法大量出现成品油到美国了。 个人判断美国炼油厂的好日子还能持续一段时间。