News
19/03/25
US imports of Canadian crude at 2-year low: Update
US imports of Canadian crude at 2-year low: Update
Adds preliminary import data for Canada, Mexico. Calgary, 19 March (Argus) —
Imports of Canadian crude into the US fell to a two-year low last week with
tariffs giving shippers pause, according to Energy Information Administration
(EIA) data reported today. Canada is by far the largest source of foreign crude
for the US but flows fell to 3.1mn b/d in the week ended 14 March, according to
preliminary estimates. This is down by 541,000 b/d from the week before and the
lowest since the week ended 24 March 2023, when 3mn b/d was imported. While
weekly data can be volatile, the volume of crude from Canada has trended lower
in February and the first half of March with shippers likely sensitive to the
ever-changing US policy on imports. A 25pc tariff, later reduced to 10pc, on
Canadian energy was threatened to start in early February before being delayed
by 30 days. It then went into effect from 4-7 March before being lifted again
for goods covered under the US-Mexico-Canada (USMCA) free trade agreement. US
president Donald Trump is threatening more tariffs will be imposed on 2 April.
South Bow, the owner of the 622,000 b/d Keystone pipeline connecting Alberta to
the US midcontinent and beyond said just the threat of tariffs prompted
uncommitted shippers to dial back exports to the US. Crude imports from Mexico,
who have also been targeted by Trump tariffs, were also down on the week at
195,000 b/d. This is lower by 118,000 b/d and is the fifth-lowest on record,
according to EIA data going back to 2010. Overall crude imports to the US were
only down by 85,000 b/d to 5.4mn b/d on higher deliveries from Colombia, Nigeria
and Venezuela, while crude exports rose last week by 1.4mn b/d to 4.6mn b/d. As
a result, net imports fell by 1.4mn b/d to 741,000 b/d, the third-lowest level
on record in data going back to 2001. Crude stocks rise by 1.7mn bl US crude
inventories rose last week as a gain in the Gulf coast region outweighed draws
elsewhere. US crude inventories rose to 437mn bl in the week ended 14 March, up
from 435.2mn bl a week earlier. This is the highest level since 436.5mn bl in
the week ended 12 July 2024. Compared with a year earlier, inventories last week
are still down by 8.1mn bl. Stockpiles in the US Gulf coast region rose to
252.3mn bl from 248.8mn bl a week earlier and the highest since June 2024.
Inventories at the Cushing storage hub in Oklahoma fell by 1mn bl to 23.5mn bl
and are down by 8mn bl from a year earlier. Inventories in the greater US
midcontinent region, including Cushing, fell on the week by 2.3mn bl to 105.5mn
bl. Crude inventories at the US Strategic Petroleum Reserve (SPR) came in at
395.9mn bl for a weekly gain of 275,000 bl. SPR stocks are not included in the
overall EIA commercial crude inventory figures. US crude production fell by
2,000 b/d on the week to 13.57mn b/d. By Brett Holmes US weekly crude
stocks/movements Stocks mn bl 14-Mar 7-Mar ±% Year ago ±% Crude oil (excluding
SPR) 437.0 435.2 0.4% 445.0 -1.8% - Cushing crude 23.5 24.5 -4.1% 31.4 -25.4%
Imports/exports '000 b/d Crude imports 5,385 5,470 -1.6% 6,278 -14.2% Crude
exports 4,644 3,290 41.2% 4,881 -4.9% Refinery usage Refinery inputs '000 b/d
15,949 15,880 0.4% 16,102 -1.0% Refinery utilisation % 86.9 86.5 0.5% 87.8 -1.0%
Production mn b/d 13.6 13.6 0.0% 13.1 3.8% — US Energy Information
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