U.S. Crude Imports Surge to Highest Since 2012 as Output Slips
- Arrivals climb to 8.74 million barrels a day last week: EIA
- Production resumes decline, slipping 55,000 barrels a day
Bart Chilton: Oil Driven by Fundamentals, Not Regulation
This article is for subscribers only.
U.S. crude imports rose to the highest level since October 2012 as excess global supply finds its way to American ports.
Imports rose 3.6 percent to 8.74 million barrels a day last week, an Energy Information Administration report showed. This caps the third-straight gain, the longest string of increases since December. The increase in arrivals came as U.S. production resumed its decline, sending output below the volume of imports for the first time since January 2014.