WTI (Cushing) isn't that big a stream -- only about 1 MMBD or 6-7% of US crude runs.
WTI isn't making it's way to USGC refiners in any big way. Nor are the products from the refiners that run it heading to the Northeast. Maybe a bit to the Midwest but not the big demand PAD I market that sets the US marker prices.
Is that a recent development? Is there a time when WTI(Cushing) was a larger proportion of US crude?
Is the real issue that light sweet crude is becoming an ever smaller fraction of the global oil market? The economy needs to be thought of as a garden, not as a wild ecosystem
Lt. Sweet supplies are indeed a problem. But i think the current high prices are due to tight gasoline supplies and minimal reduction of demand. We've had a big shutdown season + a couple of major falldowns. That has gasoline on fire and therefore has gasoline crudes on fire (pricewise). Couple that with Nigeria in a real mess and up up and away.
US refiners have been investing heavily in desulph capacity to make ULS Diesel, low S gasoline and to deal with heavier crudes. But they didn't choose to keep the refining industry capacity in glut like it was from 1983-->2000 ish.
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