US DATA: Crude oil imports fall 1.6% in May, exports slump 16%

Quantum Commodity Intelligence – US imports of crude oil fell 1.6% in May to 176.88 million barrels or 5.7 million barrels per day, according to US government data released Friday, while exports slumped 16% on the month to show a rise in net imports.

The total volume imported was down 93,000 bpd on April's figure of 5.799 million bpd, but up 2.5% on the year.

The average price paid was $58.91/b, up $2.88/b on the month as global benchmarks of crude rose month-on-month amid continued economic recovery.

US crude oil imports have fallen for the second straight month, according to the data, and are exactly the monthly average so far this year, but around 20% lower than the three-year pre-pandemic average, according to Quantum statistics.

Meanwhile, US exports fell from 3.2 million bpd in April to 2.71 million bpd in May.

The May figure for exports is down 14.6% on the year.

The data shows that the US was a net importer of 3 million bpd of oil in May, up on the 2.563 million bpd net imports shown in April.