Daily Energy Report

US crude imports from Canada, EU gas crisis, OPEC+ output policy, Suez Canal losses, China commodity exports, Namibia oil hotspot, Kuwait gas field, and more.

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Oil Market Outlook: What Have We Learned from the First Half of 2024?

Chart of the Day: US Weekly Crude Oil Imports from Canda are at a Record High!

Summary

US dependence on Canadian crude has been increasing for years. As Canda increased its production, it had no outlet to export its crude until recently when the TMX pipeline was finished. Figure (1) above shows the trend in US crude oil imports from Canda. On the right axis, it shows the percent of crude imports from Canada. Last week, crude imports hit a record high of 4.418 mb/d, representing about 63% of total US crude imports. While the quantity was at a record high, that was not the case as a percentage. US dependence on Canadian crude reached 72% in early 2021 as total imports declined but imports from Canada increased. 

EOA’s Main Takeaway