American imports of British crude oil may pickup in February, Bloomberg reports, as a result of a need to replace Venezuelan heavy oil supplies that have been in decline. There has also been a 31% narrowing of the spread between U.S. and U.K. oil prices (based on WTI and Brent) in the past month vs. December. that has made the latter more competitive.

Panjiva data shows that shipments of all oil grades from U.K. ports to the U.S. fell 25.8% in the 12 months to January 31 vs. a year earlier. That’s part of a longer-term trend towards American oil independence, as outlined in Panjiva research of January 15, that is also seeing rising exports of lighter grades of crude oil as infrastructure improves. Imports from Venezuela could fall further if the U.S. government makes good on its threats to apply sanctions.

Chart shows U.S. seaborne imports of crude oil from U.K. ports of lading. Source: Panjiva

The leading refiners and traders that have imported British crude oil in the past year were ExxonMobil with 47.4% of shipments ( including 20.7% points into Providence and 19.3% into Boston) followed by Valero (17.8%) into Boston.

Chart segments U.S. seaborne imports of crude oil from U.K. ports of lading by consignee and port of unlading. Source: Panjiva