BP cuts U.S. refining rates 10%-15% on weak demand [Seeking Alpha]
Phillips 66 (PSX)
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Source: Seeking Alpha
EnergyBP cuts U.S. refining rates 10%-15% on weak demandApr. 3, 2020 10:43 PM ET|BP p.l.c. (BP)Carl SurranThe rate cut is being imposed at the 430K bbl/day Whiting refinery in Indiana, the 242K bbl/day Cherry Point refinery in Washington, and the 155K bbl/day plant in Toledo, Ohio.BP joins other U.S. refiners including Valero, Marathon, PBF and Phillips 66 in cutting rates, as the spreading coronavirus causes demand for gasoline and jet fuel to plunge.U.S. gasoline implied demand fell last week to the lowest since January 1994, and jet fuel production was the lowest since 1991.Click to subscribe to real-time analytics on BPNow read:BP's Dividend Is Safe For The Moment - Buy »
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