Refiners rely on imports rather than US moves

摘要

Demand for shipments of domestic crude between US ports has diminished as a narrower Brent-WTI spread and Jones Act-mandated freight costs have made imports of light grades reliably cheaper. US imports of west African crude reached 14.5mn bl in February, the highest monthly total since October 2013, according to customs data compiled by shipbroker MJLF. West African crude is light and sweet, similar to the Eagle Ford crude that typically moves out of the port of Corpus Christi, Texas. Waterborne crude movements out of Corpus Christi fell in January to their lowest level since March 2014, according to the latest available port data.