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OIL PRODUCTS: Europe See's Some Minor Gasoline Export Support in November

OIL PRODUCTS
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European gasoline markets are seeing a narrow boost in exports in November after a lacklustre prior two months according to Vortexa vessel tracking.

  • Higher flows are heading to the U.S. for Thanksgiving demand while Nigeria has also pulled in volumes despite the Dangote ramp up.
  • Volumes have ramped higher for Nigeria but remain roughly half year ago levels.
  • European gasoline exports are forecast at 977,000 bpd this month – 17% higher m/m but October represent a low last seen May 2020.
  • Europe may find some gasoline market strength in the East on weak China exports Sparta said earlier.
  • U.S. demand is expected to be fleeting for the holidays while Dangote and Harcourt start-ups in Nigeria offer another short term solution for struggling European refiners. 

 

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European gasoline markets are seeing a narrow boost in exports in November after a lacklustre prior two months according to Vortexa vessel tracking.

  • Higher flows are heading to the U.S. for Thanksgiving demand while Nigeria has also pulled in volumes despite the Dangote ramp up.
  • Volumes have ramped higher for Nigeria but remain roughly half year ago levels.
  • European gasoline exports are forecast at 977,000 bpd this month – 17% higher m/m but October represent a low last seen May 2020.
  • Europe may find some gasoline market strength in the East on weak China exports Sparta said earlier.
  • U.S. demand is expected to be fleeting for the holidays while Dangote and Harcourt start-ups in Nigeria offer another short term solution for struggling European refiners. 

 

Keep reading...Show less