High US crude runs impact product trade

摘要

Despite lower US oil demand, ever-improving access to cheap domestic and Canadian crude is bolstering US refining margins and encouraging refiners to increase throughputs at their plants. Provisional EIA data show that in June, US crude runs of 15.6 mb/d were the highest for the month since 2006 and 318 kb/d above the five-year average. By contrast, US oil demand averaged 18.9 mb/d last month, down by 753 kb/d from June 2006 and 192 kb/d below the five-year average. The gap that has emerged between output and demand has left refiners with the choice of either storing or exporting excess product. Both options are impacting on product tanker demand and trade patterns.