Nearly 300,000 barrels of gasoline arrived in New Jersey and Rhode Island from the UK late last week, ending a two-week period in which the US Atlantic Coast did not receive any gasoline from Europe, according to US Customs data.
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On November 10, the Challenge Procyon, chartered by Valero, discharged 200,753 barrels of RBOB in Providence, Rhode Island, from Pembroke, UK, where Valero owns a 270,000 b/d refinery.
That was the first European shipment of gasoline to land on the USAC since October 27, the longest period the USAC had not received any trans-Atlantic imports since S&P Global Platts started tracking US Customs data in June 2015.
On November 11, the same vessel unloaded 41,203 barrels of premium RBOB into Providence, while the Quartz delivered 55,417 of premium RBOB to New Jersey.
While USAC gasoline imports from Canada, mainly from Irving Oil's 300,000 b/d refinery in Saint John, New Brunswick, have remained steady so far in November, European imports into the region were at 5.42 million barrels in October, the lowest monthly total since March.
Those low totals have forced suppliers to reach into their own inventories, pushing USAC gasoline stocks to 52.42 million barrels the week that ended November 3, the lowest total since December 2014, according to US Energy Information Administration data. Central Atlantic stocks, which encompasses the New York Harbor area, were 24.02 million barrels last week, the lowest total since April 2011.
But several cargoes could arrive at the USAC by the end of November, according to several traders, who cited the likely supply relief as a reason New York Harbor gasoline differentials had fallen in recent trading.
Cash RBOB was assessed Tuesday at NYMEX December RBOB plus 1.50 cents/gal, down 4.40 cents/gal from the same day last week.
Traders from the Amsterdam-Rotterdam-Antwerp trading hub and the USAC have recently described the arbitrage between both regions as open, but barrels have found better value in West Africa and the Mediterranean.
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