Based on data from the U.S. Census Bureau, re-exports of Canadian heavy crude oil from the Gulf Coast in May 2024 averaged 98 Mb/d (height of the rightmost stacked columns in chart below), a sharp drop of 98 Mb/d from April, 126 Mb/d below the year ago level, and the lowest for re-exports since January 2023 (76 Mb/d). China was a small buyer (rightmost red column) at 32 Mb/d, well below the 94 Mb/d rate of April and far below the 148 Mb/d pace of one year ago. The is the smallest uptake by China since an equivalent 32 Mb/d in November 2022. The only other buyer in May was Spain (blue columns), taking up 68 Mb/d, 33 Mb/d greater than in April and 37 Mb/d higher than a year ago.
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- Analyst Insight
Gulf Coast Re-Exports of Canadian Heavy Oil Rebound in June
Re-exports of Canadian heavy oil from the U.S. Gulf Coast rebounded in June, but remain below the level of one year ago, possibly reflecting impacts of the Trans Mountain Pipeline picking up business for the direct export of crude oil to Asian markets.
- Analyst Insight
Last Hurrah? Gulf Coast Re-Exports of Canadian Heavy Crude Oil Bounce Back in April
Re-exports of Canadian heavy crude oil from the Gulf Coast rebounded in April, but this may be the last big surge via this route with the start up of the Trans Mountain Pipeline expansion in May expected to siphon barrels away from the Gulf Coast.
- Analyst Insight
Re-Exports of Canadian Heavy Crude Oil Fade Back in March
Canadian re-exports of heavy crude oil from the Gulf Coast slowed in March. Preview of what's to come when TMX starts up?
