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8 Pages

North America oil product markets: 2015 in review & what to look for in 2016


North America oil product markets: 2015 in review & what to look for in 2016

Report summary

The crude price drop in late 2014 encouraged a large increase in domestic demand for gasoline in 2015, which led refineries to a strong year in margins. Distillate cracks weakened in 4Q, leading the way to a shaky quarter. Crude runs set seasonal records in every month as increased refining capacity and strong margins pushed refiners to ever increasing runs.

During 2016, we expect to see refiners maintain the high level of crude runs and set another new record. Margins are likely to be weaker as US gasoline demand is expected to grow at a slower rate following the big jump in 2015 and as high distillate stocks persist. US Gulf Coast margins will be additionally compressed by higher prices for WTI and LLS relative to Brent. With distillate and gasoline stocks starting the year at high levels, exports will be key as refiners struggle to match the strong margins seen in the past few years.

What's included?

This report includes 1 file(s)

  • North America oil product markets: 2015 in review & what to look for in 2016 PDF - 312.32 KB 8 Pages, 0 Tables, 3 Figures

Description

This Refining and Oil Products Insight report highlights the key issues surrounding this topic, and draws out the implications for those involved.

For participants, suppliers and advisors who want to look at the trends, risks and issues of this topic, this report gives you an alternative point of view to help inform your decision making.

With over 20 years of experience in the refining industry, Wood Mackenzie is a trusted global leader with a reputation for producing consistently reliable information.

Our senior analysts are based in the markets they analyse. They use detailed research data to forecast, benchmark and recognise trends that will help both new and existing participants identify opportunities and avoid risks.

  • Executive Summary
    • Review of 2015:
    • Outlook for 2016:
  • Global Overview
  • North America
    • Review of 2015:
      • Crude prices and differentials
      • Gross refining margins
      • Products demand, stocks and trade
      • Crack spreads
      • Refining capacity
      • Crude runs
    • Outlook for 2016:
      • Crude prices and differentials
      • Capacity changes
      • Crude runs
      • Product supply/demand/stocks
      • Crack spreads
      • Gross refining margins
      • Other regions
        • Conclusion

In this report there are 3 tables or charts, including:

  • Executive Summary
  • Global Overview
    • Selected benchmark gross refining margins
  • North America
    • Forecast US crude price differentials to Brent
    • Refining margin for FCC LLS in USGC
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