US May trade deficit widens by $500 million, on oil import costs

US May trade deficit widens by $500 million, on oil import costs

New York (Platts)--12Jul2006

The US trade deficit widened by $500 million to $63.8 billion in May, as
oil imports and costs soared, according to data released Wednesday by the
Department of Commerce.

Average crude oil imports surged 651,000 b/d to 10.446 million b/d. Per
barrel costs also soared, jumping $4.92 to a record $61.74. Total crude
imports climbed 29.983 million barrels in May to 323.827 million barrels.
Total energy-related petroleum product imports rose 41.24 barrels to 433.399
million barrels, the highest level since October 2005, when the International
Energy Agency arranged a release of strategic stockpiles in response to
hurricanes Rita and Katrina. The two hurricanes devastated US crude and
natural gas production in the Gulf of Mexico and crippled over 2 million b/d
of refining capacity along the Gulf Coast.

The trade deficit with OPEC surged to $10.2 billion in May from $8.1
billion in April.

--Linda Rafield, linda_rafield@platts.com

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