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US Diesel Exports to EU Fall After Winter Storms in Dec

DIESEL

Diesel exports from the US Gulf Coast have fallen from the peak in December after the severe cold reduced production. Diesel flows to Europe have halved so far this month to 104kbpd from 202kbpd in December according to Kpler.

  • The severe cold late in December shut in nearly 40% of Texas refining capacity and refineries are still gradually returning to operation. EIA data for week to 13 Jan showed US refinery utilisation up to 85.3% but still about 7% below pre disruption levels.
  • Shipping rates from the US Gulf Coast to Europe have dropped to their lowest level in about a year due to the reduced flows. Rates have lost about 75% of value since early December according to Baltic Exchange data.
    • US gasoline crack down -0.5$/bbl at 28.59$/bbl
    • US ULSD crack up 0.3$/bbl at 61.85$/bbl
    • EU Gasoline-Brent up 0.4$/bbl at 16.11$/bbl
    • EU Gasoil-Brent up 0.2$/bbl at 40.13$/bbl
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