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PADD 1 Gasoline Set for Tough Summer

DISTILLATES

US PADD 1 gasoline imports jumped to 701,000 bpd last week, 208,000 bpd higher than the week prior and 80,000 bpd higher than the four-week trailing average.

  • East Coast refinery utilisation has surged in recent weeks to 97%, two percentage points higher than the week prior. At 780,000 bpd, PADD 1 crude inputs are at their highest weekly pace since January 2020.
  • The US East Coast has limited refinery capacity after years of underinvestment and the loss of the PES refinery in the middle of 2019.
  • The US East Coast will struggle for gasoline supplies this summer with tight supplies in northwest Europe and weaker eastern Canadian refining capacity than in prior years. Northwest Europe and Canada are the two biggest exporters of gasoline for the US East Coast, while the region is also missing naphtha flows from Russia after sanctions.
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