Preliminary U.S. government data show Saudi crude shipments to the U.S. fell to
zero in July, the first full month without Saudi crude since 1985. DOE data
released Wednesday indicate shipments were fully halted for the month. The drop
is notable given U.S. refineries were taking more than 800,000 bpd of Saudi
crude earlier this year. Closure of the Strait of Hormuz and other war-related
supply disruptions pushed up benchmark-linked crude prices and prompted U.S.
refiners to seek alternative supplies. Kpler expects Saudi inflows to the U.S.
to resume this month at about 300,000 bpd, near recent normal levels.
