News
09/02/26
US imports of European gasoline at 9-year low in Jan
London, 9 February (Argus) — European gasoline deliveries to the US in January
were the lowest since at least 2017, and were outpaced by deliveries from a
Bahamas blending hub for a second consecutive month. The US imported 53,000 b/d
of gasoline from the EU, UK and Norway in January, according to Kpler, down from
58,000 b/d in December and lower by almost two thirds on the year from 173,000
b/d. Total US imports ticked up on the year in January, to 347,000 b/d from
335,000 b/d. US gasoline imports tend to hit annual lows in January, as
consumption declines following the Christmas period and inventories rise as US
refineries boost rates to stockbuild ahead of spring maintenance. But conditions
for Europe-US gasoline trade flows appear to be deteriorating structurally.
Alternative sources are supplanting European cargoes, particularly in the
net-importing US Atlantic coast (USAC) region. Canadian deliveries inched up
fractionally on the year, and an increasingly important Bahamas-USAC flow has
strengthened over the past few years and is becoming entrenched. The US imported
85,000 b/d of gasoline from the Bahamas in January, all at USAC ports and all
from Buckeye Partners' 26.2mn bl Borco crude and products terminal in Freeport,
Grand Bahama. There, gasoline from different regions, including the US, is
blended to different markets' specifications. The Buckeye terminal was supplied
72,000 b/d of gasoline exclusively from the US Gulf coast (USGC) in January,
according to Kpler, and 34,000 b/d in 2025, which was 80pc of the total.
Blending finished-grade gasoline in the Bahamas for onward delivery to the USAC
allows traders in the USGC to bypass US Jones Act requirements for intra-US
marine cargo deliveries to be made on tankers constructed in the US, owned by US
citizens, and crewed by US citizens or permanent residents. Jones Act compliance
is costly, because it limits the choice of tanker available for charterers. The
US is sourcing a greater amount of its gasoline imports from beyond Europe at a
time when US gasoline consumption is coming under pressure. Greater efficiencies
in US engine design and manufacturing, along with growth in electric vehicle
(EV) market share in the US road passenger fleet will contribute to a 0.5pc fall
in forecast US gasoline consumption this year, according to Argus consulting.US
gasoline demand fell by 3pc on the year in January, according to EIA data,
probably because of the extreme cold weather. Further developments in the
Atlantic basin could further weaken the US pull on European gasoline cargoes.
Mexican imports of US gasoline are trending downward as state-run Pemex boosts
its refining output, easing import demand. Pemex's December gasoline output
soared by 45pc on the year to 444,000 b/d, prompting imports to fall by 31pc to
303,000 b/d. A ramp-up at Pemex's 340,000 b/d Olmeca refinery is helping raise
Mexican gasoline supply, and may eventually allow for exports to the US. Mexican
gasoline imports from the US were 308,000 b/d in 2025, according to Kpler, down
from 350,000 b/d in 2022. By George Maher-Bonnett Send comments and request more
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