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USGC Fuel Oil Deliveries Hit 43-Month Low

OIL PRODUCTS

Waterborne deliveries of residual fuel oil from the USGC are set for their lowest month since May 2020, as Panama delays hamper long haul arrivals, according to Argus.

  • Gulf Coast fuel oil imports dropped to 257.7k b/d in the first 27 days of December, on track for the lowest delivery level since 266.4k b/d which arrived in May 2020.
  • Droughts at the Panama Canal have hampered transit restrictions, which hampered arrivals from the Middle East and Asia.
  • Deliveries from the Middle East have fallen 41% compared to November and are down 46% from Dec. 2022 levels.
  • Panama Canal issues are expected to continue into 2024, but canal transits have increased for January.

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