U.S. Refiner Warns of Looming Capacity Shortage

A refining capacity shortage is looming globally and could materialize as soon as next year, the chief executive of Phillips 66 told Bloomberg in an interview. The potential shortage would be triggered by capacity shutdowns, Mark Lashier said, as some refiners succumb to low refining margins. The closures could take 700,000 bpd off the market, he added. “The US has become very competitive in refining,” Lashier said. “We’re able to compete out in the world global markets.” Lashier’s bullish predictions come soon…