Declining USG (PADD3) condensate production to limit export availability — Severe rig count reductions in the Eagle Ford play and accelerating well decline rates are sending Eagle Ford crude and condensate output much lower for 2016-17. Although the repeal of the US crude export ban is further eroding the economics of condensate splitters on the USG, approximately 350 kbpd of new splitters are already completed, are under construction or have committed take-or-pay off-take agreements. A combination of lower condensate production, rising splitter intake and Canadian diluent requirements should limit condensate cargo export availability through the forecast period.