US-Canada Energy Trade Remains Steady Despite Higher Volumes

US-Canada energy trade remained steady year-over-year in 2024 despite higher volumes traded, according to a report by the Energy Information Administration. US crude oil stocks gained 7.7 million barrels in the week ended July 25, while oil prices eased as the market weighed Trump's tariff threats and rising inventories. Natural gas prices also weakened on mixed long-term forecasts.

US-Canada energy trade remained steady in 2024, with a value of $151 billion, according to the Energy Information Administration (EIA) [1]. This figure is consistent with the 2023 value of $154 billion, despite an increase in the volume of energy traded. The majority of this trade, $124 billion, consisted of U.S. energy imports from Canada, while exports to Canada totaled $27 billion.

In the week ending July 25, U.S. crude oil stocks gained 7.7 million barrels, reaching 426.7 million barrels [3]. This unexpected build in inventories, which exceeded the expected draw of 1.3 million barrels, weighed on oil prices. The Brent crude futures for September delivery declined by 60 cents, or 0.8%, to $72.64 a barrel [3]. U.S. West Texas Intermediate crude for September fell by 58 cents, also 0.8%, to $69.42 [3].

The market's focus on U.S. President Donald Trump's tariff threats and rising inventories contributed to the easing of oil prices. Trump has been pushing for a swift resolution to the war in Ukraine and has threatened tariffs on countries buying Russian oil, including China, the largest buyer of Russian oil [2]. The U.S. Treasury Department also announced fresh sanctions on over 115 Iran-linked individuals, entities, and vessels, stepping up the "maximum pressure" campaign [2].

Natural gas prices also weakened due to mixed long-term forecasts. September Nymex natural gas prices retreated on Wednesday, closing down -0.097 (-3.09%) [4]. Forecaster Vaisala predicted below-normal temperatures along the East Coast, which would curb natural gas demand from electricity providers. However, forecasts shifted warmer for the West and East during the August 9-13 period, and the outlook for weekly supplies to build more than the seasonal average also weighed on prices [4].

References:
[1] https://www.eia.gov/
[2] https://www.investing.com/news/commodities-news/oil-prices-gain-for-fourth-day-on-supply-fears-from-trump-tariff-threats-4161596
[3] https://www.reuters.com/business/energy/oil-prices-ease-market-weighs-trump-tariff-threats-us-stock-build-2025-07-31/
[4] https://www.barchart.com/story/news/33753967/nat-gas-prices-retreat-on-a-mixed-weather-forecast