Based on the latest data to October from the U.S. Census Bureau, re-exports of Canadian heavy crude oil from the U.S. Gulf Coast reached a new record of 378 Mb/d in the month (height of rightmost stacked bars in chart below). This surpassed the previous record of 315 Mb/d established in March of this year. By far the two largest buyers in October were China (201 Mb/d, red bar) and India (113 Mb/d, grey bar), followed by Spain (49 Mb/d, blue bar) and a mix of other nations (16 Mb/d, green bar). In this context, re-exports refer to crude oil that is sourced and exported from Canada to the U.S. and then exported from the U.S. to other nations.
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- Analyst Insight
Re-Exports of Canadian Heavy Crude Oil Conclude 2023 on a Weak Note
Canada's re-exports of heavy crude oil from the U.S. Gulf Coast fell to a six month low in December 2023 as Chinese buyers scaled back purchases. Re-exports may slow further in 2024 once the Trans Mountain Pipeline expansion begins operations in April or May.
- Analyst Insight
Re-Exports of Canadian Heavy Crude Oil Ease Back in November
Re-exports of Canadian heavy crude oil from the U.S. Gulf Coast fell in November from record levels in October as buying activity from other nations eased back. Re-exports in 2024 are likely to fall further once the Trans Mountain Pipeline expansion begins operations in April or May.
- 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.
