By Arathy Somasekhar
HOUSTON, June 26 (Reuters) - U.S. crude oil imports last
month rose to a nearly two-year high as refiners scooped up
heavy crudes from Canada and Latin America to process into fuels
for summer driving season.
Imports of crude oil rose to 3.1 million barrels per day
(bpd) in May, the highest since July 2022, data from ship
tracking service Kpler showed. Imports so far this month have
remained strong, at around 2.9 million bpd to date.
Fuel demand has remained tepid with product supplied for
gasoline at 9.1 million bpd in the week to June 14, slightly
below the 10-year seasonal average, data from the U.S. Energy
Information Administration showed.
U.S. product supplied of distillate fuel oil also was around
3.7 million bpd, about 3% below the seasonal average, according
to EIA data.
Crude oil imports from Canada climbed in May to 319,000 bpd,
its most in 2-1/2 years, as the newly expanded Trans Mountain
pipeline boosted flows to the U.S. West Coast. The imports were
39% higher than the same month a year ago.
Supplies from Mexico, Guyana and Colombia also climbed.
Guyana crude hit a record 99,000 bpd and Colombia rose to a near
two-year high. Imports from Mexican state oil company Pemex
rebounded, reversing brief export cuts.
"U.S. refiners bought excess crude oil to mitigate the loss
of Mexican crude," said Rohit Rathod, market analyst at energy
researcher Vortexa.
Pemex in April had pared exports, sending U.S. refiners to
get order heavier crude from Colombia and Canada, but
weaker-than-expected demand by Pemex's domestic refineries
canceled planned May cuts. Imports from Mexico this month have
run 624,000 bpd, the highest this year.
Top May refining importers were Chevron ( CVX ), Marathon
Petroleum ( MPC ), Valero Energy ( VLO ) and Phillips 66
, according to Kpler data.