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EU Gasoline Exports Higher in Oct as Nigeria Rise Offsets US Fall

OIL PRODUCTS

European gasoline exports rose 1% on the month in October to 4.13m t but down 18% compared from October last year according to Vortexa data via Argus. An increase in shipments to Nigeria offset lower demand from the US.

  • Exports to Nigeria increased nearly two-and-a-half times to 608k t from the lowest since May 2020 seen in September with increased interest in summer-grade gasoline. Supplies were still 60% down from Oct 2022 driven by the removal of Nigeria’s gasoline subsidy in May.
  • Supplies to the US fell 25% from September and 3% from Oct 2022 with unfavourable westbound transatlantic arbitrage economics, but at almost 950k t still accounted for the largest share of EU supplies.
  • Supplies to Libya were up 15% to 328k t while Saudi Arbia exports rose to 223k t driven by regional refinery maintenance. Exports to Canada followed the seasonal trend lower down by 40% on the month to 192k t.
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