U.S. energy independence, as envisaged in President Trump’s energy policy, remains a long way off. U.S. imports of crude oil climbed 5.1% on a year earlier in February, Panjiva analysis of EIA weekly data shows. While exports have begun to increase, and reached a new high in the week of February 17 they were still only equivalent to 10.8% of imports. The increase may have been the result of Saudi Arabia having cut production, Bloomberg reports. More recently there may have been an increase in world supplies, shown by a 10.5% fall in the WTI oil price since the end of February.

Much of the increase in volumes will have come in by land (mostly via pipes from Canada) with seaborne shipments dropping 19.9% on a year earlier, Panjiva data shows. Chevron bucked the trend with a 30.0% increase on a year earlier, while PBF Energy overtook Citgo for the first time since November.

Chart shows U.S. imports of crude oil by sea segmented by consignee in thousand tons. Data gathered for parent company and known subsidiaries.  Source: Panjiva

The largest shipper remained AET, and with a 29.3% increase in volumes handled compared to a year earlier it also saw the fastest growth in tonnage terms. The expansion may be an attempt to build share before the market weakens. AET’s owner, MISC, expects the business to “come under pressure” in the rest of the year, as outlined in Panjiva research of February 10.  

Chevron’s in-house shipper (CHVV) remained the third largest, though notably its volumes fell 10.0%, suggesting its parent company also relied on outside shippers for supplies. Royal Dutch Shell’s in-house shipping operator also recovered, reaching fourth place after a 51.4% rebound in handling after a particularly weak January. In contrast to Chevron that came despite a 36% drop in imports by its parent.

Chart shows U.S. imports of crude oil by sea segmented by carrier in thousand tons  Source: Panjiva