Daily Energy Report

PADD 5 crude imports are rising, LNG liquefaction rising, Libya stops oil production, Exxon oil forecast, Trump: “drill baby,” Kiwis to reverse production ban, Canada tariffs China, and more.

Chart of the Day: PADD 5 Crude Imports are the Highest for the month of July since July 2012. 

Summary

PADD 5 imported 1.233 mb/d of crude oil in July, the second highest imports in July on record after July 2012. Figure (1) shows trends in crude imports since 2013. If we ignore the COVID19 era, imports have been increasing, but sources changed over time, especially after 2020. Imports from Saudi Arabia declined as imports from Panama, Iraq, and Brazil increased. Recently, after the start of the TMX pipeline, imports from Canada also increased. 

EOA’s Main Takeaways