Free Trial

European Gasoline Flows to US Decline in the Week to 16 Feb

OIL PRODUCTS

US gasoline imports from Europe declined in the week ending 16 Feb according to bills of lading and ship-tracking data from Bloomberg.

  • European gasoline arrivals in the US decreased to 111kbpd compared with 332kbpd in the previous week.
  • Weak US demand has been pressuring crack spreads lower in recent weeks and diverted NW European supplies towards fuel storage in the Caribbean. Gasoline imports into storage at St Croix, USVI and the Bahamas have risen to the highest since at least Jan 2017 according to Kpler.
  • Europe refiners have been maximising diesel output to help cover for the missing Russian flows.
  • The US 321 crack spread is back up to 30$/bbl today having fallen from around 42$/bbl in mid Jan to low of 27$/bbl last week.
    • Brent APR 23 down -0.2% at 83.88$/bbl
    • WTI APR 23 up 1% at 77.31$/bbl (change vs 17 Feb close)
    • US 321 crack up 0.3$/bbl at 29.98$/bbl
    • US gasoline crack up 0.1$/bbl at 25.6$/bbl
    • US ULSD crack up 0.6$/bbl at 38.74$/bbl
    • EU Gasoline-Brent up 0.1$/bbl at 11.93$/bbl
    • EU Gasoil-Brent up 0.5$/bbl at 23.58$/bbl

To read the full story

Close

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.