U.S. crude imports near record on West Coast surge
Source: Reuters
NEW YORK, Aug 30 [2006] (Reuters) - U.S. crude oil imports hit their second-highest level on record last week, averaging 11.2 million barrels per day, as shipments to the West Coast peaked due to output problems in Alaska, the U.S. Energy Information Administration said Wednesday.
Refiners on the West Coast imported an average of 1.577 million bpd of crude oil over the week ending Aug. 25, the highest level ever recorded by the EIA since it began breaking down import data into regional districts in 1990.
The record for total crude imports was 11.324 million bpd for the week ending July 23, 2004.
News that BP Plc (BP.L: Quote, Profile, Research) was shutting down half of its 400,000 bpd Prudhoe Bay oil field earlier this month spurred fears of crude oil shortages on the West Coast, which relies heavily on crude supplies from Alaska.
The shutdown prompted refiners to scramble to purchase replacement crude cargoes in Asia, as well as to divert incoming shipments to the West Coast.
Analysts had expected a decline in West Coast crude stocks owing to the anticipated lag between the purchase of replacement supplies and their arrival in the United States.
"It seems we are getting a lot of supplies on the West Coast from places on the west coast of South America such as Ecuador," said EIA analyst John Duff.
"Because of the distance between Ecuador and California, they were able to step in pretty quickly and provide incremental supplies," he added.
Imports elsewhere in the United States were strong as imports into the Midwest surged by nearly 300,000 bpd to 1.276 million bpd after several weeks of below-normal levels.
On the U.S. Gulf Coast, home to nearly half of the refining capacity in the United States, imports held steady above 6.3 million bpd last week, according to the EIA, the statistical arm of the Department of Energy.
Average crude oil imports into the United States surpassed 10 million bpd in 2004 as domestic output continued to decline.
