Updates
Later, 4:15 p.m. CT: a reader posted this comment (see comments below):
Last year the 335,000 barrel Philadelphia Energy Solutions refinery blew up and no restarted. This likely accounts for a big chunk of the downward demand of PADD 1.
https://www.inquirer.com/business/deadly-chemicals-philly-refinery-explosion-fire-new-findings-20191016.html.
See the RBN Energy post regarding this refinery at this post; a search of the blog regarding this refinery tells us how much things have changed due to Covid-19.
Original Post
Gasoline demand, link here:
OPEC basket, link here: $39.09.
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Back to the Bakken
Active rigs:
| $38.68 | 11/5/2020 | 11/05/2019 | 11/05/2018 | 11/05/2017 | 11/05/2016 |
|---|---|---|---|---|---|
| Active Rigs | 13 | 55 | 65 | 55 |
No wells coming off the confidential list today.
RBN Energy: shale, oil-sands production gains impacting US refineries' crude slates, part 2.
Ten years ago, East Coast refineries imported virtually all of the crude oil they needed — 60% from OPEC, 21% from Canada, and 19% from other non-OPEC countries. Only five years later, in 2015, the tables had turned. PADD 1 refinery demand for crude remained unchanged at 1.1 MMb/d, but only 14% of the oil refined there came from OPEC, 23% from Canada, and 21% from other non-OPEC countries — the other 42% was either railed in from the Bakken or shipped in from the Eagle Ford and Permian.
But the changes didn’t end there. Imports rebounded sharply in 2016 and 2017, when new pipelines were built out of those basins that pulled barrels away from PADD 1 and into more competitive refining markets. In the fall of 2020, imports are falling back again but for a different reason — with COVID-19 demand destruction and other woes, East Coast refinery demand for oil is down by almost half, with more cuts on the way. Today, we continue a series on U.S. oil imports with a look at the East Coast.
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Chinese Flu Watch
