The on-going global glut has taken European and Chinese gasoline to the”last frontier.”Argus Products indicated the US East Coast may not absorb as much European gasoline as it has traditionally done since the US has added around 10% to its refining capacity over the last three years.The US has increased its own total product exports by approximately 50% over the past half-decade,reaching around 4MM mt/y(~84K b/d)although US EIA data indicate total exports of finished petroleum products grew by 28% over 2012-2017 to reach 3.3MM b/d.Argus noted the competition to send gasoline to Latin America has heated up as both Europe and the US Gulf Coast look for outlets,but Euros tat data showed that European gasoline exports to Latin America were down by around 7% last year.European refinery runs will likely increase as middle distillate demand remains strong as die deadline for the IMO's low-sulfur bunker rule approaches.Argus has projected a 9% increase in gasoline demand for sub-Saharan Africa over the two years to 2020,with a 38% rise in the seven years to 2025.Like in Latin America,however,European refiners are likely to face competition for gasoline sales in West Africa.
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