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Record U.S. Condensate Exports Surge to Canada in Early 2026

Statistics Canada has reported record imports of U.S. condensate with volumes exceeding 340,000 barrels per day (bpd) in January and surpassing 350,000 bpd in February, the highest monthly levels ever recorded. Supporting pipeline specific figures from the Canada Energy Regulator (CER) show Pembina’s Cochin pipeline achieving record Q1 volumes above 115,000 bpd. The Cochin and StatsCan numbers also imply that Enbridge’s Southern Lights pipeline also hit new highs, eclipsing 230,000 bpd in the first two months of the year, well above the pipeline’s 198,000 bpd nameplate capacity following its recent expansion (see figure below).

The sharp increase in condensate imports reflects growing Canadian heavy oil and bitumen production, which relies on diluent blending to meet pipeline specifications for export to the U.S. and other markets. Seasonal factors likely amplified demand as lower imports in Q3 2025 (particularly on Cochin) appear to have drawn down storage inventories heading into winter, when colder temperatures require higher condensate ratios to maintain flowability.

U.S. Crude Exports Remain Elevated - Several Houston Terminals Slated for Upside

U.S. crude exports continue to run well above normal levels as global demand pulls barrels amid the Iran conflict and the resulting disruption of supply through the Strait of Hormuz. Two major Houston-area facilities are playing a key role in meeting this demand. Enterprise Products’ EHT Terminal in the Houston Ship Channel, one of the largest U.S. crude export facilities, has significant storage and dock capacity and previously achieved nearly 1 million barrels per day of exports in a single month (see figure below). In its Q1 earnings call, the company highlighted rising exports driven by the conflict and expects additional upside in Q2.

Nearby, Seabrook Logistics, co-owned by LBC Terminals and ONEOK, has recently recorded rates ~400,000 barrels per day (see figure below) and is also benefiting from the tightened global supply picture. The current export strength is viewed by Plainview as a short-term event as much of the incremental volume is being pulled from commercial storage and Strategic Petroleum Reserve (SPR) inventories rather than new production. As a result, the upside from these elevated exports is expected to moderate in the second half of 2026 once SPR drawdowns conclude toward the end of the year, unless domestic U.S. crude production increases significantly to sustain the higher export pace.

Flow/Transaction Updates and New Assets Under Coverage

Plainview has over 400 assets with crude oil throughput or transactional data on our platform and continues to add more each week. Data for existing assets under coverage are posted as soon as they become available. Below are the assets that were updated this week or newly added to coverage.

A Plainview on Crude Oil

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