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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL PRODUCTS
European gasoline export flows could change in 2024, as traders seek new outlets for the region’s growing oversupply, according to Argus.
- Europe is structurally oversupplied with gasoline and relies on exports to clear the surplus volumes, worsened by the move from Russian Urals crude to higher gasoline yield lighter-sweeter grades.
- While WAF is the primary outlet for European gasoline, around 28% of exports, new Middle East refineries may capture market share.
- Tightening laws on fuel quality exports from ARA could also restrict exports to WAF, although this demand could be met by exporting from other European jurisdictions.
- The ramp-up of the 650k b/d Dangote refinery in Nigeria and the return of the 210k b/d Port Harcourt plant could also hit WAF demand for Europe’s gasoline; traders remain tentative about the project’s timeline and impact.
- The US Atlantic Coast may be one outlet, taking NWE cargoes instead of from the USGC.
Source: Argus
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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