Unusual Net Imports May Only Be Available At A High Price

Sources: History: EIA; Projections: Short-Term Energy Outlook, August 2000.

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• 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.