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U.S. Gulf Pulling Record Straight Run Fuel Oil in May

OIL PRODUCTS

Imports of straight-run fuel oil (SRFO) to the U.S Gulf Coast were set to climb to record levels this month according to Kpler due to higher supplies from Mideast and African suppliers.

  • SRFO has been used by US refiners to fill the gap due to a lack of heavier crude barrels on the market.
  • Heavier avaialbaility has been limited by less Mexican crude, more Canadian barrels heading to Asia, a reimposition of Venezuelan sanctions and ongoing OPEC+ cuts.
  • The U.S. Gulf Coast has imported 224,000 bpd of SRFO so far this month - nearly double last month's imports and up from 116,000 bpd y/y.
  • Al Zour, Duqm and Dangote refineries coming online provide more availability of SRFO as they ramp up operations to higher value products.
  • U.S. imports of SRFO are currently at their strongest monthly pace in six years Kpler said.
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