Marathon Petroleum's U.S. Gulf Coast refineries ran at 100% utilization in the second quarter, the company said on a conference call.
Marathon Petroleum said global refined capacity downtime exceeds 9 million bpd, and U.S. gasoline inventories remain well below the five-year range.
Marathon Petroleum said it ran more than double Venezuelan crude in the second quarter from the first quarter.
The company said gasoline, diesel and jet fuel demand remains resilient; U.S. jet demand hit a record high in June.
Third-quarter outlook and market conditions
Marathon Petroleum said it expects to operate refineries at 94% of combined capacity in the third quarter.
The company expects more refining market volatility in the near term as hurricane and turnaround season approaches.
Marathon Petroleum expects more Venezuelan crude to reach the U.S. market, putting pressure on Western Canadian Select crude prices.
The company expects third-quarter product margins to remain below second-quarter levels, and said the jet-to-diesel spread has narrowed in the third quarter.
MPC•
