US imports of Canadian crude hits record high following TMX startup

July 22, 2024

Imports rose by 807,000 barrels per day (bpd) to 4.4 million bpd in the week to July 12, the largest gain since March 2023, according to the data.

The $24.84 billion (C$34 billion) Trans Mountain expansion started operations in May and has nearly tripled shipping capacity to Canada’s Pacific Coast to 890,000 bpd.

Most of the oil being shipped via the Trans Mountain pipeline is being snapped up by U.S. West Coast refiners, while some have also headed to Asia.

Overall U.S. Gulf Coast imports, however, edged down by 140,000 bpd to 1.1 million bpd last week as Hurricane Beryl shut in major ports in the region. Draft restrictions for vessels once the port reopened also limited imports.

Exports also dropped by 35,000 bpd to about 4 million bpd last week, also constrained by port closures and restrictions.

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Source: Reported by Arathy Somasekhar in Houston and edited by Marguerita Choy