- Flattening contango increases crude cargo availabilities supporting margins.
- Economics dictate the buying of more local barrels, helping them cut higher working capital costs associated with imported crudes.
- Waterborne crude imports have been declining for several years as North American crude production has risen.
US refinery margins gained traction last week, led by rising gasoline and diesel demand as regions reopened from coronavirus lockdowns – and just in time to refine April’s flotilla...
https://mfame.guru/us-refiners-cut-back-imported-crudes-for-local-barrels/