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Lower European Prices Drive WAF Gasoline Imports to Record.

OIL

West Africa is set to receive 730k b/d of gasoline from Europe in February, according to Reuters citing Kpler data, the highest since Kpler records began in 2017.

  • This is also up 70% on January’s levels.
  • The shipments are mainly destined for Nigeria, according to Reuters.
  • European prices have been under pressure amid falling imports from the US, with Eurobob barge- brent spreads hitting a two-month low of around $6.7/b in early-Jan, Reuters said. This has led to barrels being snapped up by WAF buyers.
  • Cheaper naphtha was also a factor as it is used as a gasoline blendstock. Red Sea shipping disruption meant that barrels normally headed for APAC stayed local.
Energy BulletsCommodities
Energy BulletsCommodities

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