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"Unusual" shipment of gasoline heads to Australia from U.S. Gulf -traders

Published 15/01/2019, 04:36 am
Updated 15/01/2019, 04:40 am
© Reuters.  "Unusual" shipment of gasoline heads to Australia from U.S. Gulf -traders

© Reuters. "Unusual" shipment of gasoline heads to Australia from U.S. Gulf -traders

By Stephanie Kelly

NEW YORK, Jan 14 (Reuters) - A tanker carrying gasoline from the U.S. Gulf Coast was headed to Australia on Monday, an unusual route that traders said pointed to signs of oversupply in the United States.

* The Justice Victoria, which was transporting 60,000 metric tonnes of gasoline, is set to discharge in mid-February at Botany Bay in the Sydney area - Refinitiv vessel tracking data

* The route, which one trader said only happens a few times per year, shows participants are looking for other locales to send gasoline with U.S. market oversupplied

* Gulf Coast gasoline inventories were the highest on record in the week to Jan. 4 at 89.4 million barrels. East Coast stockpiles were the highest seasonally since 2017 - U.S. EIA

* Demand for gasoline from the Gulf Coast to Mexico has also decreased due to fuel distribution issues related to crackdown on theft -traders

* Mexico has imported 292,000 bpd of gasoline from the U.S. Gulf through the first thirteen days of January. This compares to January 2018's pace of 457,000 bpd - Matthew Smith of ClipperData

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https://tmsnrt.rs/2H92xXu

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