Refinery Utilization Squeeze

Refiners are running at over 94% capacity to meet projected summer demand. However, high costs for aromatic blendstocks like toluene are keeping wholesale prices from falling in tandem with crude oil.

The Octane War

Competition for high-octane components remains fierce. Refiners are outbidding chemical producers for blendstocks to meet summer-grade RVP requirements, maintaining a high floor for gasoline prices.