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Cheaper Canadian Oil Displaces Iraqi Imports on US West Coast

OIL
Energy BulletsHomepagemarkets-real-timeBulletCommoditiesCanada Bank of Canada Market News

US West Coast refiners are replacing Iraqi oil imports with Canadian crude as the newly expanded Trans Mountain pipeline reshuffled trades flows in the Pacific, Bloomberg said.

  • California and Washington are set to import 150k b/d of Canadian crude by tanker in June, up seven-fold from average volumes, Vortexa data showed.
  • Imports of Iraq’s Basrah heavy are set to drop to 3,587 b/d from 76k b/d in May.
  • Brazilian Tupi crude imports on the USGC are also falling.
  • The TMX pipeline can bring 590k b/d of crude from Canada’s oil sands in Alberta to Vancouver, opening access for Californian refiners to cheaper heavy crude.
  • The trade flows imply that the US will remain a dominant buyer for Canadian crude, despite more competition from Asian.
  • Despite not hitting max capacity, around 22 tankers will ship crude from Vancouver this month, with 81k b/d to China and 50k b/d to India.

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US West Coast refiners are replacing Iraqi oil imports with Canadian crude as the newly expanded Trans Mountain pipeline reshuffled trades flows in the Pacific, Bloomberg said.

  • California and Washington are set to import 150k b/d of Canadian crude by tanker in June, up seven-fold from average volumes, Vortexa data showed.
  • Imports of Iraq’s Basrah heavy are set to drop to 3,587 b/d from 76k b/d in May.
  • Brazilian Tupi crude imports on the USGC are also falling.
  • The TMX pipeline can bring 590k b/d of crude from Canada’s oil sands in Alberta to Vancouver, opening access for Californian refiners to cheaper heavy crude.
  • The trade flows imply that the US will remain a dominant buyer for Canadian crude, despite more competition from Asian.
  • Despite not hitting max capacity, around 22 tankers will ship crude from Vancouver this month, with 81k b/d to China and 50k b/d to India.

Keep reading...Show less