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USGC Refiners Slash Gasoline Prices Amid Panama Canal Drought

OIL PRODUCTS

USGC refiners have cut gasoline export prices to their lowest since Feb. 2021 amid shipping restrictions at the Panama Canal, according to Reuters.

  • Offers have dropped as low as $75/b, sources told Reuters.
  • Droughts at the Canal have created congestion, preventing the canal from functioning normally and forcing some buyers, such as Chile, to seek alternatives to US gasoline.
  • The US is a net exporter of gasoline, and its refineries rely on export profits. Less cost-efficient refineries may have to cut production to prevent a build in stocks, analysts told Reuters.
  • GC gasoline exports via the Panama Canal were down 40% on the year in Nov to 203k b/d, Kpler said.
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