European exports set to fill US gasoline gap, shortage seen in Q3
London (Platts)--6Apr2005
European gasoline prices fell Wednesday to $34/mt below Monday's all-time high of $576/mt and near the level for the economics to be in place for European exports to fill the gaps in US gasoline stocks for months ahead, market sources said. With the US Department of Energy expected to announce its fourth straight draw in gasoline stockpiles after the New York market opening Wednesday, European cargo traders said they expected the US Atlantic Coast to be adequately supplied for the next three months. "The European gasoline cargo market is confident of supplying all the needs of the USAC during April, May and June," said one trader. The market, however, forecasts possible shortfalls in supplies to the USAC during July and August. "The US is fundamentally short of gasoline and over the past couple of years, the percentage of that shortfall being filled from Europe has risen," said one market source who sells Eurograde gasoline and conventional US M-Grade gasoline to the USAC. This story was originally published in Platts Global Alert http://www.globalalert.platts.com
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