US crude refineries aim to run full capacity in Q3

US crude oil refineries plan to keep running near “Full Capacity’’ this quarter, according to executive directors and market estimates, as refiners broadly decide to put aside worries about recession and sliding retail prices to deliver more fuel.

The operating levels will keep US gasoline prices below spring highs while providing strong earnings to refiners. Several aim to run at rates similar to the second quarter’s 94% average utilization rate.

Refiners will continue to run hard in Q3 and economists will not be surprised if Q3 runs are not higher than June given past conservative forecasts.

The largest refiner by capacity, Marathon Petroleum Corp (MPC.N), aims to run at 97% of its 2.9 million barrels per date capacity with overhauls slightly trimming output. Its 13 plants ran at a 100% average rate last quarter.

Valero Energy Corp (VLO.N), the second-largest by capacity, expects to drive its 2.2 million-bpd system at 90% to 93% of capacity, down slightly from the second quarter’s red-hot 94%.