Trade Trends Reversal as US Becomes Net Oil Exporter to Mexico.

  • PADD-3 product exports climbed to almost 3.5 million b/d in July (+140,000 m-o-m), the highest since the EIA began measuring, in an indication of the strength of the summer US refining boom.
  • Mexico accounted for more than 1.2 million b/d of those exports, while US crude imports from the country were in line with seasonal trends at around 700,000 b/d  (-90,000 b/d m-o-m, -14,000 b/d y-o-y).
  • While July saw total US crude imports rise slightly for the fourth consecutive month we expect them to have declined over August in line with seasonal trends as refinery run rates slip towards