Refiner Valero Not Out of Woods Yet, but Picture Brightening

SUGAR LAND--October 23, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Like other refiners, demand for Valero Energy Corporation's (NYSE:VLO) (San Antonio, Texas) products plummeted when lockdowns at stay-at-home orders hit the world late in the first quarter and into the second quarter of 2020. Despite some opening up of business and travel, demand is still down from last year. However, the refiner's situation may be slowly improving. Valero's refining throughput volumes were 2.5 million barrels per day (BBL/d) in the just passed quarter, compared with 2.3 million BBL/d in the second quarter; throughput capacity utilization in the third quarter was 80%, compared with 74% in the second quarter. Valero's gasoline and diesel exports also were up in the third quarter, rising to 316,000 BBL/d from 170,000 BBL/d in the second quarter.