U.S. oil refiners are planning to reduce output during the third quarter amid falling margins as demand begins declining from its seasonal peak. Bloomberg reported that Marathon Petroleum planned to reduce its capacity utilization rate to 90% at all its 13 refineries, which is down from 97% for the second quarter. PBF Energy was going to cut its processing rates to the lowest in three years. Valero Energy would be reducing its operating rate from 3 million barrels daily to 2.86 million bpd. This is the lowest processing rate in two years. Phillips…
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