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Global uncertainties and the strategic implications for US refiners

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02 April 2015

Global uncertainties and the strategic implications for US refiners

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.  

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:

  • 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

What's included

This report contains:

  • Document

    Global uncertainties and the strategic implications for US refiners

    PDF 1.13 MB