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US Gasoline Imports From Europe Increase

OIL PRODUCTS

US gasoline imports from Europe in the week ending 2 Feb jumped to the highest in seven weeks according to bills of lading and ship-tracking data from Bloomberg.

  • European gasoline arrivals in the US increased to 400kbpd compared with just 84kbpd in the previous week.
  • New York gasoline imports are expected to increase 34% this month to 192kbpd according to Kpler data. A surge in imports from Europe and the Middle East has driven spot gasoline in New York to the biggest seasonal discount to futures since 2017. The prompt RBOB was trading at a -2.9c/gal discount compared to -0.6c/gal discount last week and a 1.75c/gal premium this time last year.
    • US 321 crack up 0.8$/bbl at 31.82$/bbl
    • US gasoline crack up 0.8$/bbl at 26.37$/bbl
    • US ULSD crack up 0.7$/bbl at 42.71$/bbl
    • EU Gasoline-Brent up 0.5$/bbl at 12.55$/bbl
    • EU Gasoil-Brent up 0.7$/bbl at 24.96$/bbl

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