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US refining capacity climbs along with shale production

Surging shale production is prompting domestic refiners to increase their processing capacity, leading to "higher refinery utilization, higher distillate prices and higher refinery margins generally," says Moody's Investors Service senior analyst Arvinder Saluja. The 135 refineries in the US had a capacity of 18.6 million barrels per day as the year began, while utilization rates hit a record of 98% in August, reports the Energy Information Administration.

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