Diesel Exports Rise, US Consumption Set to Grow

摘要

June saw US inventories of petroleum products reach and sometimes exceed year-ago levels and petroleum exports from the world's largest economy continued to grow. Late in the month, a ruling by the US Department of Commerce reclassified minimally processed condensate — lighter than crude hydrocarbons associated with oil and gas production — as a refined product, freeing some of them from export restriction. The decision will likely boost US net exports of petroleum products and diversify its international market, as condensates are in high demand in Asia. Contrary to some reports, the Department of Commerce did not allow broader crude oil exports in allowing these specific condensate exports, but the decision could still pressure refining margins in the US (pi).