CANADA DATA: Crude exports at 12-month low in May as non-US flow plummets

Quantum Commodity Intelligence - Canada's exports of crude oil fell 5.3%, or 0.19 million barrels per day (bpd), to a 1-year low of 3.37 million bpd in May, as flows to countries other than the United States dropped by nearly two-thirds, data from Statistics Canada showed Friday.

Daily exports were last lower in June last year when they were just 3.11 million bpd.

The US took 3.32 million bpd from Canada in May, while Italy received 23,546 bpd and South Korea 26,895 bpd for a total of 50,440 bpd.

This compares to April when the US took 3.39 million bpd and other destinations received 172,967 bpd.

Exports from the country have collapsed since the onset of the pandemic, from an average of 4.02 million bpd in the first quarter last year and 4.03 million bpd in May 2019.

Meanwhile, imports of crude oil into Canada also fell on the month, to 0.59 million bpd, from 0.62 million in April, a 4.9% move.

Increased imports from Saudi Arabia, Azerbaijan and Norway were not enough to offset a 22% drop for material from the US, to 0.34 million bpd, and a 37% fall for Nigeria to around 73,000 bpd.