Commodity Market Report
North America Crude Markets short-term outlook: April 2022
Report summary
The Biden Administration in early April announced a historic SPR release of 180 million bbls over six months translating to an additional 1 million b/d of supply appearing in the USGC market over 2Q and 3Q. An SPR release of this magnitude promises to have material ramifications on US crude differentials and regional trade flows. We explore these areas in this monthly update. Other topics include: • SPR impacts to US coastal differentials, import and export flows • Latest views on US L48 producer behaviour and growth outlook • Oil Sands turnaround season impacts to Canadian egress
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