WHAT DRIVES PETROLEUM PRODUCT PRICES? – Production

Onyx Power and Gas Consulting continues a weekly series providing the Short Term Energy Outlook as of January 10,  2016.  This series of news articles should provide a complete insight on the current conditions of the energy…enjoy, check out archives and come back each week for additional information on how all sorts of energy sources impact our daily lives.

What drives petroleum product prices: Production

Refineries produce a wide range of petroleum products when processing crude oil. More complex refineries can upgrade some of the volume of heavier or lower-quality streams into more valuable products such as gasoline or distillate. Some refineries also have a degree of flexibility with respect to the volume of gasoline versus distillate produced. Price signals can influence short-term production decisions as well as long-term investments that may influence the type of petroleum product produced. Total production of refinery products increased starting in 2013 as U.S. refineries process more crude oil, invest in additional processing units to upgrade products, and expand into international markets. The net increase in production has been driven by large increases in motor gasoline and distillate, despite decreases in products such as residual fuel oil.

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distillate_refinery_output

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