In a surprising turn of events, the Energy Information Administration (EIA) has reported that the weekly refinery utilization rate in the United States has dropped to 0.0% for the week ending September 5, 2024. This marks a significant decline from the previous week’s rate, which had already been at a marginal 1.0%.This drastic reduction in utilization rates indicates a near-complete halt in refinery operations, raising concerns about the impact on fuel supplies and potential increases in prices. Analysts are actively debating the underlying causes, which may range from planned maintenance shutdowns and seasonal adjustments to broader economic uncertainties and shifts in market demand.The new data, which shows a week-over-week comparison, highlights stark contrasts and underscores ongoing volatility in the energy sector. As stakeholders assess the implications, the spotlight focuses on the forthcoming weeks for any signs of a rebound or further decline.The material has been provided by InstaForex Company – www.instaforex.com
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