US Replacing Russian Feedstocks with Latin American

US refiners imported about 1.3 million barrels per day (bpd) of crude and fuel oil from Latin America in April, a seven-month high according to Refinitiv Eikon.

• US buyers have been seeking higher flows from Latin America to replace Russian barrels since sanctions have taken place.
• Imports of fuel oil from Latin America averaged around 200,000 bpd in March and April, 49% higher than in the previous 12 months. Mexico's share of US. fuel oil imports climbed to about 27% in March and April, from 19% a year earlier.
• The US Gulf Coast pulled in high volumes of Russian fuel oil prior to sanctions, to refine into middle distillate products. Russia provided around a third of US fuel oil imports last year.
• US imports of Latin American crude also climbed in April, to 1.34 million bpd, its highest in six months