Commodity Market Report

North America Crude Markets short-term outlook: March 2024

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US refinery turnaround season was fully underway in February – especially in the Gulf Coast, where severe temperatures caused a flurry of shutdowns ahead of planned maintenance. As expected, this turnaround season is proving to be heavier than previous cycles following years of maintenance deferrals. February crude runs fell nearly 2 million b/d compared to December levels. The unplanned outage at BP Whiting further contributed to suppressed domestic crude runs. Refinery outages and shifting global trade flows drove monthly exports above 5 million b/d in February. Previous records were shattered for overall US waterborne exports, shipments to Asia, and Houston waterborne loadings. In this report, we assess the drivers behind record exports and detail our expectations for US crude runs and export volumes going forward.

Table of contents

  • US refinery turnaround season
  • Record exports
  • WCSB balances
  • US L48 Supply

Tables and charts

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What's included

This report contains:

  • Document

    North American Crude Market March 2024 Short Term Outlook Slidepack.pdf

    PDF 1.39 MB

  • Document

    North America Crude Midstream Outlook March 2024.xlsx

    XLSX 2.64 MB

  • Document

    North America Crude Supply & Pricing March 2024.xlsx

    XLSX 1.08 MB

  • Document

    WCSB Supply & Diluent Outlook March 2024.xlsx

    XLSX 9.45 MB