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.
