Massive Fuel Exports Hinder US Efforts to Build Supplies at Home
- Low inventories contribute to near-record pump prices
- Brazil is replacing lost European volumes with US supplies
This article is for subscribers only.
Robust demand from Latin America is set to lift US Gulf Coast fuel exports to new heights this month, hampering efforts to build up national inventories amid soaring prices.
Waterborne gasoline and diesel loadings out of the US Gulf Coast surged to 1.88 million barrels per day so far this month, on track to bring monthly volumes to a record in data going back to January 2016, according to oil analytics firm Vortexa. At the current pace, exports of products -- which typically go to where prices are highest -- are up 27% from what they were in June 2019.