A number of Midwest refineries scaled back production in February as profit margins declined and product stockpiles swelled, Phillips 66 CEO Greg Garland said today. Via FuelFix, Garland said at a refining conference in New York his company cut crude processing at its refineries by a total of 400,000 barrels per day. Garland forecasted strong gasoline demand in the spring and summer as motorists fill up the trucks and SUVs they bought up as pump prices fell last year.
Meanwhile, refineries are already ramping back up. Reuters reports that WTI prices held steady early today, supported by rising refinery activity. Some analysts believe crude prices will rise above $40 per barrel this month.
MORE REFINING NEWS: Refining investments shift from desulfurization to CDUs
