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US Gulf Coast Diesel Exports To Europe On Track For Multi-Year High

OIL PRODUCTS

US Gulf Coast refiners exported 450kbpd of diesel to Europe so far this month, on track to hit the highest monthly rate since at least 2017, Kpler data showed.

  • Strong exports help offset soft domestic consumption, which has fallen at the lowest seasonal level in a decade with the exception of 2020 according to the EIA.
  • Diesel use is closely tied to manufacturing. US manufacturing activity declined by the most in three years in June.
  • US shipments to Europe are also making up for dwindling exports to Brazil as the country has turned to Russia for cheaper imports. Russia exported around 350,000 t of diesel to Brazil from its Baltic ports in June, Refintiv data showed.
  • Vortexa data showed last month, diesel and gasoil flows to the EU and the UK were projected at 1.06mbpd in June, the lowest level since March.
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