Crude Oil
US Gulf Coast fuel imports are at a record low, as refiners choose heavier crude
Fuel oil imports in the U.S. Gulf Coast refinery hub hit a new record low in the month of June, as refiners were forced to use more heavy and sour crude due to tighter global supply. Refineries that run heavier, sourer oil produce more heavy residue. This is then processed in a second unit to make higher-value products such as gasoline or diesel. According to Kpler's ship tracking service, Gulf Coast fuel oil imports reached a new record low of 213,000 barrels a day in June. This is down from 233,000 barrels p.d. for the month. In June 2024, they...