A number of US refineries made substantial investments in coking units in the 1990s and 2000s in anticipation of more medium- and heavy-grade feedstock, notes Reuters market analyst John Kemp. “Refiners will make another round of changes only if they expect light grades to stay at a significant discount over the long term, which remains unclear,” Kemp said.
Rising to the Occasion
Nevertheless, some refiners already are opting to reconfigure their refineries or expand their capacity for light oil.
