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OIL PRODUCTS: PADD 3 Pushing Record Motor Fuel Exports

OIL PRODUCTS
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US Gulf Coast motor fuel exports rose 22% m/m in November to 2.1mbd, reaching seasonal highs with preliminary December (days 1-15) exports marching towards record highs already at 2.5mbd according to Vortexa tracking.

  • Outflows are being supported by waning domestic demand and strong runs. Most of the uptick is being driven by diesel exports towards Europe and Brazil.
  • Refinery utilization on the USGC has remained strong above 90% since mid-October and touching 95% over the past two weeks.
  • Gulf Coast refiners are turning  towards waterborne markets to clear these products, with gasoline going to either LatAm markets or into the Caribbean storage hubs, likely to be re-exported to PADD 1.
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US Gulf Coast motor fuel exports rose 22% m/m in November to 2.1mbd, reaching seasonal highs with preliminary December (days 1-15) exports marching towards record highs already at 2.5mbd according to Vortexa tracking.

  • Outflows are being supported by waning domestic demand and strong runs. Most of the uptick is being driven by diesel exports towards Europe and Brazil.
  • Refinery utilization on the USGC has remained strong above 90% since mid-October and touching 95% over the past two weeks.
  • Gulf Coast refiners are turning  towards waterborne markets to clear these products, with gasoline going to either LatAm markets or into the Caribbean storage hubs, likely to be re-exported to PADD 1.
image

 

Keep reading...Show less