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Canadian Barrels via U.S. Gulf Remain Strong Despite TMX

OIL

Canadian crude exports from the U.S. Gulf were at 150,000 bpd in June, slightly lower than the average prior to the startup of TMX according to Kpler and Vortexa figures.

  • In the 12-months prior, Canadian exports out of the Gulf averaged 170,000 bpd.
  • It was forecast that the TMX startup may significantly impact flows via the Gulf but it has failed to materialize.
  • The Gulf can easily load VLCC’s which is keeping demand higher, while Vancouver deliveries are restricted to Aframax’s which are also limited to how much they can fill because of draft restrictions as well as port pilot requirements.
  • VLCC’s have been filled off the west coast of the U.S. via TMX loaded Aframax’s to then head onto Asia to allow larger cargoes.
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