Refiners are running hard right now, and maintenance is waiting. In October the head of API said U.S. plants were running at 95% to 100% of capacity and “are putting off planned maintenance because of high prices.” Gulf Coast crack spreads set all-time highs this year, and forecasts have them staying above $40 a barrel, roughly double the old $15 to $20 range. At those margins, an extra day of downtime on a crude unit hurts.
