Shell, U.S. Crude Oil Imports: Your Daily Energy News

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CRUDE OIL
U.S. Sees Large Jump in Weekly Canadian Oil Imports - U.S. crude oil imports from Canada rose by 689,000 barrels a day (BBL/d) in the week ended January 3 to 4.42 million BBL/d, the highest in records going back to June 2010, data from the U.S. Energy Information Administration (EIA) showed. That was the biggest week-over-week jump in imports from Canada since the week ending July 12, 2024. Canada has been the top source of U.S. oil imports for many years, and supplied more than half of the total U.S. crude oil imports in 2023. Many U.S. oil refiners, especially in the Midwest, are geared specifically to run heavier crude oil grades sourced from Canada. (Reuters)

U.S. Crude Oil Inventories Rise -- The EIA reported that U.S. crude oil inventories (excluding the Strategic Petroleum Reserve (SPR)) dropped 959,000 barrels for the week ending January 3. Analysts expected a 250,000-barrel draw. Gasoline inventories rose again, up 6.33 million barrels, and distillates were up 6.071 million barrels week-on-week. SPR inventories increased 200,000 barrels last week as part of the buy-back plan, according to the EIA. (IIR Energy)

PRODUCTION
Shell to Write Down Namibia Oil Find - Shell plc (NYSE:SHEL) (London, England) will write down about $400 million over an oil discovery offshore Namibia that it deemed commercially unviable in a blow to the southern African country's efforts to become an oil producer. Shell told Reuters that discovered oil and gas resources in offshore block PEL39 in Namibia "cannot currently be confirmed for commercial development." Shell drilled nine wells in the license over the past three years. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).