PADD 1 Crude Imports Poised to Rebound

At first glance, crude oil import data for PADD 1 (representing the US East Coast) might suggest that volumes are in the midst of a steady decline that might continue for many more months. As the chart below shows, PADD 1 crude imports were near their 5-year lows in March, the most recent monthly data available. In fact, imports into this crucial bellwether of the US economy are down nearly 250 thousand barrels per day since summer 2010. These developments might appear to suggest the type of gloom and doom that many have been anticipating, but a closer look at the data reveals that this is not necessarily the case. Download here