U.S. net imports of crude oil rose to 4.6 million barrels per day (bpd), its highest since June 2024, data from the Energy Information Administration showed, as export tumbled due to a narrow spread between U.S. West Texas Intermediate crude and Brent.
Net imports rose by 2.94 million bpd in the week to June 27, the highest increase on record.
U.S. crude futures’ discount to Brent narrowed to as little as minus $2.20 a barrel last week, the narrowest since May 2022 and well below the minus $4 typically required to encourage exports.
A narrower spread makes U.S. grades less attractive to foreign buyers.
U.S. exports of crude oil fell to 2.3 million barrels per day, the lowest since July 2023 and marked the steepest fall since January 2024.
Meanwhile, commercial crude imports, excluding the U.S. Strategic Petroleum Reserve, rose to 6.9 million barrels per day, the highest level this year
(Reporting by Arathy Somasekhar in Houston Editing by Marguerita Choy and Chizu Nomiyama )