Despite recent slump US crude refining is highest in 5 years
The EIA has reported US crude refining slowing in the last 2 weeks of data. This trend appears to parallel the short-term trend for this time in 2023. Despite this recent slump, 2024 YTD US crude refining has increased +0.3md compared to 2023. The current US crude refining input is at the highest level since 2019.
If 2024 refining trends continue to follow 2023 in the near term, the US may see more decrease in refining input but still remain elevated relative to 2023. These will be interesting trends to follow. While it does not appear that US domestic demand is expected to increase, higher volumes of products are required for the growing export market in petroleum products.