Distillate volumes heading to Northwest Europe and the Mediterranean from the US Gulf Coast for March arrival totaled 340,000 mt Monday, according to data from cFlow, S&P Global Platts trade flow software.
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Register NowLanded volume for February is around 550,000 mt mostly of 10 ppm diesel. The figure is very low, with February last year at 830,000 mt.
Some refineries in the Gulf Coast are in seasonal maintenance at the same time as the European diesel market has been oversupplied on the prompt.
The barrels that have been exported have been therefore heading to Latin America rather than to Europe.
But differentials in Europe have staged a marginal recovery, partly as a result of upcoming maintenance in the region and an expected uptick in demand.
A total of five vessels were seen to be leaving the US Gulf Coast over the last seven days, four of which Medium range tankers and one Long range tanker of 73,911 DWT.
All are heading to Northwest Europe barring the MR Marlin Amber which is heading to Gibraltar for the moment.
--George Shaw, george.shaw@spglobal.com
--Edited by Jeremy Lovell, jeremy.lovell@spglobal.com