U.S. crude imports fell 275 Mb/d to 5.48 MMb/d last week, about 250 Mb/d below the four week average and nearly 750 Mb/d below the year to date average. PADD 5 imports dropped sharply, falling 470 Mb/d to just 560 Mb/d, the lowest weekly volume since January 1, 2021. PADD 1 imports rebounded from the previous week’s all time low, rising from 135 Mb/d to 600 Mb/d, slightly above the year to date average.
Canadian imports were hit hard (see chart below), falling 705 Mb/d to just 3.27 MMb/d, the lowest weekly volume this year, likely tied to the drop in PADD 5 imports. With the current state of affairs in the Strait of Hormuz, imports are likely to remain below normal levels well into the summer.
