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Tight Refined Product Supply on US East Coast

OIL PRODUCTS

Higher imports and higher refining runs have not eased the tight supply situation on US East Coast (PADD1).

  • EIA data for last week showed PADD1 distillate stocks fell 593kbbls and gasoline stocks fell by 734kbbls. These East Coast refined product inventories fell despite refinery run rates increasing to 98.2%. The run rate was the highest since Jul18. Lower supply from the Irving St. John refinery in Canada added to the inventory draw.
  • Distillate stocks in the East Coast region continue to make record lows and Gasoline stocks in the Central East Coast are the lowest since 2017.
  • US oil product cracks are holding steady after making fresh highs yesterday.
  • US 321 crack down -0.11$/bbl at 60.69$/bbl
  • US gasoline crack down -0.32$/bbl at 59.86$/bbl
  • US ULSD crack up 0.31$/bbl at 62.34$/bbl
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