Commodity Market Report
North America crude markets short-term outlook: July 2024
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
In this outlook, we roll out our view to 2026. The extension highlights continued gradual US L48 growth, again driven by the Permian Basin. We forecast US waterborne exports rising alongside production, exiting 2026 above 5 million b/d. In this outlook, we highlight various trends in our extended forecast through 2026, including regional supply growth, US crude runs, waterborne exports, and the related impacts on key egress corridors and regional price differentials. In this report, we also highlight trends that we have observed in our real-time supply chain monitoring the early days of TMX service. We discuss how these observations inform our forward-looking expectations for TMX and broader Canadian crude trade flows.
Table of contents
- US L48 Supply: new records and efficiency gains
- WCSB update: how full is TMX?
- US refinery runs: margins and product demand
- US exports and WTI/Brent outlook: normalization through the summer
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
North America crude markets short-term outlook: October 2024
What are the causes and effects of a light US refinery turnaround season?
$3,500
Commodity Market Report
North America crude markets short-term outlook: September 2024
Record Canadian storage levels buoyed pipe utilization post-TMX; what happens now that inventories are drained?
$3,500
Commodity Market Report
North America crude markets short-term outlook: August 2024
How will July’s natural disasters impact balances and prices moving forward?
$3,500
