Oil-Sands Crude Returns to U.S. Market When It’s Less Needed – Bloomberg

Canadian oil-sands producers who are restoring production after wildfires are finding U.S. refiners are doing just fine without as much crude from their northern neighbor.The U.S. imported 2.6 million barrels a day from Canada last week, the smallest amount since May 13, preliminary data from the Energy Information Administration show. The decline came after producers including Suncor Energy Inc. and Syncrude Canada Ltd. brought back more than a million barrels a day that was shut in May amid the worst wildfire in Alberta’s history.U.S. refiners made commitments to import crude by sea from alternative suppliers when the northern Alberta wildfire was out of control, and the duration of disruption to supplies was unclear, John Auers, executive vice president at Turner Mason & Co. in Dallas, said by phone Thursday. Those imports are arriving now, he said.“As the supply comes back on, that will displace some of the imports brought in to replace that lost supply,” he said.Imports from Mexico, which compete with Canada’s heavy crude, rose to 803,000 barrels a day last week, the highest since April 15, EIA data show. Shipments from Saudi Arabia also increased.

Source: Oil-Sands Crude Returns to U.S. Market When It’s Less Needed – Bloomberg

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