U.S. Crude Oil Imports Rise to Highest Since 2018, EIA Says
06.13.2024 By Tank Terminals - NEWS

June 13, 2024 [Reuters]- U.S. crude oil imports rose last week to their highest since 2018, the U.S. Energy Information Administration said on Wednesday, as volumes from Mexico rebounded and the expanded Trans Mountain pipeline boosted shipments from Canada.

 

Imports of crude oil from Mexico rose by 449,000 barrels per day to 987,000 bpd in the week to June 7, the highest in seven months, according to U.S. EIA data.

Mexican state energy company Petroleos Mexicanos had cut exports in April and May to supply more to its domestic refineries, but later reversed the export cuts it planned for May.

Imports from Canada climbed by 206,000 bpd to nearly 4 million bpd, its highest in four months.

The increase comes as the long delayed Trans Mountain crude pipeline started operations in May. West Coast refineries have started to receive cargoes of crude oil shipped through the pipeline and loaded onto ships at Vancouver at the end of May.

West Coast imports rose by 601,000 to nearly 2 million bpd, to their strongest level since 2022.

U.S. oil refiners and West Coast traders have flagged concerns about the quality of crude shipped on the newly completed Trans Mountain pipeline expansion (TMX), warning that high vapor pressure and acidity limits could deter purchases of Canadian heavy barrels.

 

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