Battle of the Benchmarks

16 Oct 2015: East Coast Refiners’ Crude Sourcing.  Strong growth in U.S. shale oil production in recent years has led to material reductions in U.S. crude oil imports. Total U.S. imports declined from 9.2 Million barrel per day (Mb/d) in 2010 to 7.3 Mb/d in 2014. PADD 3 (U.S. Gulf Coast) reduced imports by 40% and PADD 1 (East Coast) reduced imports by 45%. The largest reductions were in imports of light sweet crude from West Africa. The dramatic decline in oil prices has changed the situation. As a result, US shale oil production has stopped growing and the WTI-Brent spread has narrowed. How will this impact U.S. imports? Download here