Gasoline flows to the US and east coast of Canada from Europe and arriving in December so far amount to around 460,000 mt, according to data Monday from S&P Global Platts trade flow software cFlow.
Six vessels most likely carrying gasoline have left Northwest Europe over the past seven days to go to North America, including four Medium Range tankers, one LR1 and one Handysize tanker. Two of them — the British Sailor and the Baltic Soul — are heading to Canada.
The other four vessels –the Horizon Electra, the Amazon Explorer, the STI Dama and the Mt Sea Halcyone — are heading to the US Atlantic Coast.
The gasoline arbitrage from Europe to the US was still heard as difficult to work, with most market participants seeing the arbitrage as closed on a spot basis.
Moreover, commercial stocks of gasoline continue to grow in the US, increasing by 6.8 million barrels to 220.9 million barrels for the week ended December 1, according to the US Energy Information Administration.
In PADD 1 (US East Coast), gasoline stocks increased by 2.4 million barrels to 58.5 million barrels last week, which represents the largest build in more than three months, EIA data also showed.
With limited trans-Atlantic flows, European gasoline was finding other outlets in particular the Middle East and West Africa.
Inventories of gasoline in ARA fell by 13,000 mt, or 1.5%, to 869,000 mt for the week ended December 6, data from PJK International showed. ARA gasoline inventories are 12.6% lower than the 994,000 mt on December 7, 2016, according to PJK data.
Source: Hellenic Shipping News.