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Wednesday, April 19, 2017 12:45:29 PM
Philadelphia Energy Solutions, the east coast's largest refiner, will take just five rail deliveries of North Dakota's Bakken crude oil in May and none in June, Reuters reports, a sign that the impending start of the Dakota Access Pipeline is upending trade flows.
At its peak, PES would have routinely taken ~3 miles' worth of trains filled with Bakken oil each day during its 2013-15 peak, but it will be more lucrative for producers to transport oil to Gulf coast refineries after Dakota
Access begins interstate crude oil delivery on May 14.
The long-delayed pipeline will provide a boost for Bakken prices and is seen as unofficially ending the crude-by-rail boom that had revived east coast refining operations.
The east coast reportedly has averaged just ~100K bbl/day of crude rail deliveries in recent weeks; east coast refiners operated by Phillips 66 (PSX -0.3%) and PBF Energy (PBF +0.2%) are still receiving modest volumes of Bakken crude.
PES is owned by Carlyle Group (CG) and a subsidiary of Energy Transfer Partners (ETP +0.7%).
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