Europe gasoline exports across the Atlantic set to surge on Harvey outages

Gasoline exports from Europe across the Atlantic are set to surge as traders plug supply gaps after Harvey crippled U.S. Gulf Coast refineries, Reuters reports.

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Traders have tentatively booked this week nearly 40 tankers, the equivalent of ~1.5M metric tons of gasoline - triple the amount exported in a typical week - out of Europe to carry gasoline on the transatlantic route, including to destinations such as New York, Mexico and Brazil, according to shipping data and traders.

At least five cargoes have been definitively booked by traders Valero (NYSE:VLO), BP, Petrobras (NYSE:PBR) and Mercuria out of Europe to go to Brazil, Peru and Mexico, as freight rates between Europe and the U.S. for a 37K-ton refined product tanker doubled over the past week to ~$16K/day, Reuters reports.

ETF: UGA

Source: Europe gasoline exports across the Atlantic set to surge on Harvey outages