Slide 10 of 25
Notes:
- Imports are a small, but sometimes crucial contributor to supply.
- Last winter, imports were the main source of supply increase following the price spike.
- It looks like June net imports may be about where they were last year, but preliminary data indicate July is very low – both because of weak imports and strong exports, as other countries vie for product. This helped to contribute to a weak July distillate stock build.
- Imports are expected to be relatively normal this winter. Added imports would probably only be available at a high price, because Europe is low on distillate stocks and will be competing for the available barrels.
