SunSirs: US Crude Oil Imports Rose to the Highest Level Last Week since 2018

https://www.chemnet.com   Jun 13,2024 SunSirs

According to foreign sources on June 12th, a report released by the US Energy Information Agency (EIA) on Wednesday showed that US crude oil imports rose to the highest level since 2018 last week, as crude oil imports from Mexico rebounded, and Canadian crude oil imports also increased with the expansion of the Trans Mountain pipeline.

Data shows that as of the week ending June 7th, crude oil imports from Mexico increased by 449,000 barrels per day to 987,000 barrels per day, the highest level in seven months.

Petroleos Mexico reduced its exports in April and May to supply more crude oil to its domestic refineries, but later cancelled the planned export reduction in May.

As of the week ending June 7th, crude oil imports from Canada increased by 206,000 barrels per day, reaching nearly 4 million barrels per day, the highest level in four months.

This growth occurred as the long delayed cross mountain crude oil pipeline began operating in May. The West Coast refinery has started receiving crude oil transported through the pipeline and will ship it to Vancouver at the end of May.

The import volume on the West Coast increased by 601,000 barrels per day, reaching nearly 2 million barrels per day, the highest level since 2022.

US refiners and West Coast traders have expressed concerns about the quality of crude oil transported by the newly completed Trans Mountain Pipeline Expansion (TMX) project, and have stated that high vapor pressure and acidity restrictions may inhibit purchases of Canadian heavy crude oil.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

 Print  |    add to Favorites  |    Close