Slide 11 of 30
Notes:
- With very low stocks and strong demand, production and imports needed to fill a larger supply role this winter than in the past.
- Inventories typically meet about 15% of demand in the Northeast during the peak winter months of December, January and February. They may only meet about 3% of demand this year.
- Production is typically strongest in the fall through December, falling back during the first quarter as refineries undergo maintenance.
- During the prior two winters, inventories have been high during the fourth quarter, so production was not very strong.
- With low inventories and high margins, production has been much stronger this year. Production will likely average about 330 MB/D or 10% higher than last winter, helping to meet the high demand.