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According to foreign news on June 30, traders and analysts said that imports of heavy, high-sulfur crude oil from countries such as Mexico and Saudi Arabia have jumped to a high of about a year, as refineries have increased their output to meet summer demand growth
.
The U.
S.
Energy Information Administration (EIA) said that U.
S.
refineries have increased their refinery capacity utilization to pre-epidemic levels, and the overall production capacity reached 92.
9% in the last week
.
This is the highest level since January 2020, reflecting a sharp rebound in fuel demand.
As of last week, it was only 4% lower than the level in June 2019
.
The United States is the world's largest consumer of gasoline.
With half of the eligible population fully vaccinated against the new crown, demand in the country has rebounded
.
However, US crude oil production has not yet recovered to the peak of nearly 13 million barrels per day before the epidemic, and is currently about 11 million barrels per day
.
The discount of US crude oil futures to Brent crude oil has narrowed to the lowest since the end of last year, dispelling the interest in purchasing US heavy crude oil in the international market
.
Earlier this month, the Mars high-sulfur crude oil produced off the coast of Louisiana fell to its lowest level in nearly a year at a discount to US crude oil
.
Traders said that increasing imports from Mexico and Saudi Arabia, coupled with the narrowing of the US-Brent crude oil spread, are expected to further suppress US heavy and high-sulfur crude oil
.
Matt Smith, Head of Commodity Research at ClipperData, said that Maya crude oil imports in the Gulf of Mexico in June exceeded 530,000 barrels per day, the highest level since May 2020
.
"Mexico's export growth rate this month hit the highest rate since the beginning of 2019.
" According to
data, Saudi crude oil sent to the United States in July is expected to increase to 12.
4 million barrels, the highest since June 2020, and most of it is expected to reach the west coast of the United States.
.
Traders said that imports of other grades of Middle East crude oil may also rise in the next few weeks, including Iraqi crude oil, which is currently more attractive than Saudi crude oil
.
Iraq’s exports to the United States are expected to increase in August or September
.
.
The U.
S.
Energy Information Administration (EIA) said that U.
S.
refineries have increased their refinery capacity utilization to pre-epidemic levels, and the overall production capacity reached 92.
9% in the last week
.
This is the highest level since January 2020, reflecting a sharp rebound in fuel demand.
As of last week, it was only 4% lower than the level in June 2019
.
The United States is the world's largest consumer of gasoline.
With half of the eligible population fully vaccinated against the new crown, demand in the country has rebounded
.
However, US crude oil production has not yet recovered to the peak of nearly 13 million barrels per day before the epidemic, and is currently about 11 million barrels per day
.
The discount of US crude oil futures to Brent crude oil has narrowed to the lowest since the end of last year, dispelling the interest in purchasing US heavy crude oil in the international market
.
Earlier this month, the Mars high-sulfur crude oil produced off the coast of Louisiana fell to its lowest level in nearly a year at a discount to US crude oil
.
Traders said that increasing imports from Mexico and Saudi Arabia, coupled with the narrowing of the US-Brent crude oil spread, are expected to further suppress US heavy and high-sulfur crude oil
.
Matt Smith, Head of Commodity Research at ClipperData, said that Maya crude oil imports in the Gulf of Mexico in June exceeded 530,000 barrels per day, the highest level since May 2020
.
"Mexico's export growth rate this month hit the highest rate since the beginning of 2019.
" According to
data, Saudi crude oil sent to the United States in July is expected to increase to 12.
4 million barrels, the highest since June 2020, and most of it is expected to reach the west coast of the United States.
.
Traders said that imports of other grades of Middle East crude oil may also rise in the next few weeks, including Iraqi crude oil, which is currently more attractive than Saudi crude oil
.
Iraq’s exports to the United States are expected to increase in August or September
.
