The changing role of imports vs exports in US crude tanker trades
- US crude imports near record lows as US Gulf loses volumes from Mexico and Venezuela and refinery closures hit west coast demand
- US Gulf refiners turn more toward domestic Gulf of Mexico production and Canadian pipeline crude, while west coast refiners rely more on California production
- After US seaborne crude exports fell 8% y/y in January-August, they rose 12% y/y in September-October, but preliminary November numbers are weaker
US imports of crude are down and face continued headwinds. US crude exports rebounded in September and October but are looking shaky this month
