Insight
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.
Table of contents
- Summary
-
Introduction
- 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:
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