US Oil Trade - August 2016

Source: OPEC 8/25/2016, Location: North America

In July, preliminary data shows that US crude oil imports increased to average 8.1 mb/d, up by 194 tb/d from last month and by 817 tb/d, or 11%, from last year. Y-t-d, US crude imports in July were 627 tb/d higher.

US monthly product imports dropped last month by 99 tb/d, or 4%, to average 2.3 mb/d, while y-o-y, they went up by 172 tb/d or 8%. Y-t-d, product imports increased by 2%.

In June, US product exports were 96 tb/d higher than a month ago to average 3.9 mb/d, while y-o-y, they were 544 tb/d, or 12%, lower than the previous year. As a result, US total net imports dropped 88 tb/d in July to average 6 mb/d, however they remain above last year’s level by 1.4 mb/d or 32%.

In May, the top first and second suppliers to the US maintained the same order as last month. Canada remained the premier crude supplier to the US, accounting for 38% of total US crude imports, despite a drop in its monthly volumes by 19 tb/d from a month ago. Saudi Arabia, which maintained its ranking as the second largest supplier to the US in May, increased its exports to the US by 31 tb/d. Venezuela came in as the third top supplier, accounting for 10% of total US crude imports, up by 11 tb/d, or 2%, from the previous month.

Crude imports from OPEC Member Countries went up in May from the previous month, increasing by 315 tb/d, or 10%, accounting for 43% of total US crude imports. On the other hand, US product imports from OPEC Member Countries were lower by 24 tb/d, or 11%, from last month and 37 tb/d, or 13%, from last year.

Canada and Russia maintained their positions as first and second product suppliers to the US, accounting for 25% and 19%, respectively. Yet, while Canada’s product exports to the US in May were higher by 32 tb/d, Russia’s volumes were less by 28 tb/d from a month ago. South Korea came in as the third supplier, increasing its exported volumes by a slight 33 tb/d.

In May, US crude imports from North America averaged 3 mb/d, making North America the top region for US crude imports, followed by Latin America, which stood at 2.2 mb/d in May. The Middle East came in as the third region with an average of 2 mb/d, while imports from Africa were up from last month with an average of 634 tb/d. The US only imported 73 tb/d from Asia.

In PADD 1, the highest crude imports to the USEC were sourced from Africa and North America, which stood at 257 tb/d and 244 tb/d, respectively. Crude imports from Africa dropped by 92 tb/d from a month before, while imports from North America were higher in May than the previous month by 24 tb/d. Imports from PADD 2 remain covered from North America, which stood at 1.9 mb/d, down by 66 tb/d from the previous month. Moreover, PADD 2 imported small quantities from the Middle East in May. PADD 3 mostly sourced their imports from Latin America and the Middle East, and both sources exported higher crude to the US from a month before, by 64 tb/d and 179 tb/d, to average 1.7 mb/d and 1.3 mb/d, respectively. PADD 4, as previously, imported only from North America and averaged 233 tb/d in May. In PADD 5, the USWC’s largest imports originated from the Middle East, which exported 574 tb/d in May, followed by Latin America and North America, which exported 399 tb/d and 249 tb/d, respectively .

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