• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days World could get rid of Putin and Russia but nobody is bold enough
  • 10 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Plunging Natural Gas Prices Is Bad News for Drillers

Plunging Natural Gas Prices Is Bad News for Drillers

The once red-hot labor market…

China’s EV Growth Set To Explode in 2024

China’s EV Growth Set To Explode in 2024

China leads the global electric…

U.S. Gulf Coast Crude Oil Imports Hit Lowest In Three Decades

Imports of crude oil to the U.S. Gulf Coast dived to their lowest level in almost three decades last week, due to OPEC’s production cuts, unusually low Iraqi shipments, and congestion on the Houston Ship Channel from a tank farm fire last month.   

According to weekly preliminary U.S. government data, cited by Bloomberg, the Gulf Coast’s crude imports were just 1.4 million bpd last week, with imports from Iraq at only 5,000 bpd. The shipments from Iraq were at their lowest since August 2015, when the U.S. didn’t import any Iraqi crude oil.  

The low volumes from Iraq, plus the Saudi tactic to focus on cutting exports to the U.S. in a bid to draw down the most transparently reported oil inventories in the world, resulted in U.S. imports from its top six suppliers from OPEC dropping to below 1 million bpd last week. This was the first time such imports have dropped to below the 1-million-bpd mark in data going back to 2010, according to Bloomberg.

Apart from the reduced imports from Saudi Arabia and Iraq, the fire at the Intercontinental Terminals Company’s (ITC) petrochemical storage site at Deer Park, Texas, in the middle of March blazed for days and halted some ship traffic at the Houston port, and continued to disrupt tanker traffic into the U.S. Gulf Coast for weeks.

Earlier this month, the U.S. Coast Guard restricted outbound traffic at the Houston Ship Channel, due to storms that had suspended cleaning-up after the fire and the chemical spill.

On Wednesday, the EIA reported a 1.4-million-barrel crude draw in the week to April 12, accompanied by a draw in gasoline stockpiles.

“The key driver behind the draw was the fall in weekly crude oil imports,” Warren Patterson, Head of Commodities Strategy at ING, said on Thursday, noting that the total U.S. drop of 607,000 bpd week-on-week to average 5.99 million bpd was driven by the Gulf Coast, and “likely reflects the disruptions in shipping we have seen in Houston in recent weeks.”  

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News