Looks like New York Harbor is about to bust it’s gut in oil imports. There just too much oil sitting in cargo that anything coming in is being diverted elsewhere. – PB/TK
Gasoline Glut in New York Has Traders Sending Cargoes Abroad – by Laura Blewitt
The biggest gasoline market in the U.S. is bursting at the seams.
Traders are lining up to export gasoline and diesel from New York Harbor, an area that normally relies on fuel imports from Europe and eastern Canada, shipping data compiled by Bloomberg show.
While at least 6 cargoes that were headed to New York from Europe in January and early February were diverted to the Caribbean or the U.S. Gulf Coast, that wasn’t enough to stem the oversupply building up in terminals along the Eastern Seaboard. Record-high inventories in the region are now pushing prices low enough to turn the typical trade flow on its head.
“We have been exporting out of the New York Harbor, but clearly not enough, so that’s putting pressure on the products,” said Robert Campbell, head of oil products research for Energy Aspects, by phone from New York Thursday.
At least two million barrels of clean products like gasoline and diesel are planned to be exported from New York Harbor and Philadelphia in coming days. BP Plc and Glencore Plc are among shippers sending fuels to West Africa and Europe as the U.S. East Coast saw its gasoline stockpiles break a fresh record high for the third consecutive week.
Continue to Bloomberg.com article: https://www.bloomberg.com/news/articles/2017-02-18/gasoline-glut-in-new-york-has-traders-sending-cargoes-abroad
