The world is facing a shortage of fuel supply, which is directly related to the sharp decline in the production capacity of refineries in the Middle East and Russia and Ukraine. To fill this supply gap, refineries in other parts of the world are increasing production capacity. Among them, US refineries have been operating at full capacity for several months, and their fuel exports have repeatedly reached new highs. However, the US refining industry, which is an important support, is about to face new challenges. Rystad Energy said this week that due to oil sands maintenance operations, Canada's crude oil production in September may drop by 300,000 barrels per day. Canadian oil producers generally supply 4 million barrels of heavy crude oil to US refineries every day, but starting next month, all major Canadian oil sands operators will cut production for maintenance. Normally, whenever there is such a seasonal interruption in supply, crude oil stocks in the US region will be replenished first, but the report shows that US crude oil inventories are also below normal levels, the lowest in 12 months.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.