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Global uncertainties and the strategic implications for US refiners

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Report summary

US refiners have enjoyed strong refining margins over recent years because they have been able to monetise domestic crudes and export their refined product surplus.  Three factors – the evolving domestic crude supply, its high quality and its discounted price relative to international crudes - have broken the link between refining complexity and site net cash margins.  

What's included

This report contains

  • Document

    Global uncertainties and the strategic implications for US refiners

    PDF 1.13 MB

Table of contents

  • Summary
    • Figure 1 – USGC v NWE gross refining margin performance and "bridge"
  • Global uncertainties
  • Domestic crude differentials on lifting of US crude export ban
  • Heavy crude processing
  • Intermediate feedstocks
  • Regional imbalances
  • Strategic implications for US refiners

Tables and charts

This report includes 6 images and tables including:

Images

  • Figure 3 – US crude exports in a liberalised trade environment
  • Figure 4 – Global fuel oil trade outlook
  • Figure 5 – US LPG and naphtha balance outlook
  • Figure 6 – Global gasoline balances and inter-regional net trade
  • Global uncertainties and the strategic implications for US refiners: Image 1
  • Figure 2 – Changing relationship of net cash margin and complexity for North American refineries

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