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US Gasoline Becomes Cheapest Source of Supply for Nigeria

OIL PRODUCTS

The weakness in USGC gasoline prices has made the region the cheapest source of gasoline for Nigeria for November delivery, according to Bloomberg citing Sparta commodities.

  • Bloomberg data shows that Spot CBOB on the Gulf Coast dropped to its widest discount against Nymex futures since July at 21 cents/gal.
  • US Gulf refiners shipped three gasoline cargoes to West Africa in October, according to Kpler. This includes cargoes headed to Lagos and to Lome, Togo. Typically, West Africa is a key outlet for European gasoline rather than US product, Sparta said.
  • The USGC hub looks like it could weaken even further amid an expected ramp-up in Padd 3 refinery runs, Sparta said.
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