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Fuel Supplies from Asia to Americas Increases in March

OIL PRODUCTS

March loadings of clean fuels from Asia to the Americas rose to the highest levels since Sep 2019 at 740k tons according to Bloomberg data.

  • Supplies have increased as South America seeks to replace missing supplies due to US refinery maintenance outages and with demand for US diesel from Europe to cover for tight supplies due to strikes in France.
  • Imports of gasoline and diesel from countries such as Brazil and Mexico are set to reach the highest since Oct 2021 at about 340kbpd in March according to Kpler data. The largest supplies originate from India followed by supplies from Japan.
  • Asian refinery processing rates are estimates at 83% in March according to FGE despite some seasonal maintenance.
    • US 321 crack down -0.4$/bbl at 37.83$/bbl
    • US gasoline crack down -0.3$/bbl at 37.45$/bbl
    • US ULSD crack down -0.7$/bbl at 38.6$/bbl

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