Insight
Atlantic basin refining recovery rests with US drivers – keep a close eye on NYH inventories.
Report summary
US refining production increased in recent weeks following the extensive Gulf Coast outages in February. However, oil product stocks were slower to recover in the Central Atlantic Coast (PADD 1B) region as resupply has taken longer to arrive. Gasoline inventory levels are in focus with the approach of the driving season, and as an indicator of the demand recovery from the COVID-19 pandemic. In recent weeks gasoline prices have reacted strongly to these inventory changes In this insight we look at the underlying fundamentals and price action around the publication time of Wood Mackenzie's New York Harbour storage data.
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