Commodity Market Report

North America Crude Markets short-term outlook: May 2022

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06 May 2022

North America Crude Markets short-term outlook: May 2022

Report summary

Six months of historic US SPR releases begin in May. The US ban on Russian crude took effect in late April. Although both of these are in the early days, changes in trade patterns have already begun to emerge; US exports to Europe surged to a record high in April while imports of Russian barrels into PADD 1 dropped off entirely. In this monthly update, we explore early impacts of the SPR releases and Russian crude ban and evaluate how we expect flow shifts to develop going forward. Other topics include: • US supply outlook with DUC inventories at a record low • April blizzards in North Dakota: impacts to Bakken supply and prices • Effects of Canadian Upgrader maintenance ramping up in May

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What's included

This report contains:

  • Document

    North America Crude Market Short Term Outlook May 2022 Slidepack.pdf

    PDF 1.30 MB

  • Document

    North America Crude Market Supply & Pricing May 2022.xlsx

    XLSX 950.30 KB

  • Document

    North America Crude Midstream Outlook May 2022.xlsx

    XLSX 3.04 MB

  • Document

    WCSB Supply & Pricing May 2022.xlsx

    XLSX 9.39 MB