Awash in Gasoline, U.S. Refiners Export Fuel at Record Pace

16 Nov 2016   exports

Shipments likely to keep growing as refiners ramp up Surplus sent to Canada, Egypt and Caribbean floating storage The U.S. has more gasoline than it knows what to do with. Exports have risen above imports for three consecutive weeks as recurring pipeline outages and higher production levels by refiners caused Gulf Coast inventories to grow. Typically a net importer of gasoline, the U.S. has shipped a record amount of the motor fuel abroad and doesn’t show signs of stopping. “Exports will have to be high to keep stocks under control,” Robert Campbell, head of oil products research at market consultant Energy Aspects Ltd. in New York, said in an e-mail. “Runs should be quite high on the U.S. Gulf Coast in the coming weeks.” The abundance of gasoline pushed Gulf Coast gasoline prices to an eight-month low last week and spurred the longest losing streak since 2012 in futures, […]

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