Heavy crudes have poured into the United States this spring, offsetting the loss...
HOUSTON - Heavy crudes have poured into the United States this spring, offsetting the loss of Venezuelan oil and producing a mini-surplus, with Canadian heavy crude this month being exported from the U.S. Gulf Coast.
This month, more than 130,000 bpd of heavy Canadian crude is scheduled to depart from Texas, four times the average exported in 2018, trade sources said. “Refiners probably over-imported a bit” of heavy crudes, said a trader familiar with the exports, noting the resulting surplus and a larger discount to the U.S. benchmark for the Canadian crude “opens the arb for export.”
Crude inventories in the U.S. Gulf Coast last month also rose to 248.3 million barrels, from 219.9 million barrels a year ago, according to U.S. Energy Department data. The exports are surprising given the Alberta government this year required producers to curb production. The restrictions narrowed Western Canadian Select’s discount to the U.S. benchmark, to $11.25 a barrel discount to WTI on Friday, a difference that had reached as much as $50 a barrel below last October.
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