US imports of Canadian crude oil continues to decline
The US Energy Information Administration (EIA) reported yet another decline of Canadian oil imports for last week. The US imported 2.725 million bbl/day of oil for the week ending July 22nd, a 4.4% decline from the previous week.
The 4-week average now sits at 2.767 million bbl/day, almost 20% lower than the highs of January. The recent reversal of Enbridge's Line 9 is bringing more Canadian oil to Ontario and Quebec, leaving less for our neighbours to the south. Total Canadian oil production for full year 2016 will also be lower than last year due to wildfire outages that occurred in May. This will be the first yearly average decline since the 2008/2009 economic downturn.