oilandgasfield

US Refineries — The Gasoline Market

  • US refining capacities have taken a hit recently due to closures and extended maintenance downtime.
  • US gasoline prices have risen since the beginning of 2013.
  • Low European prices provide for arbitrage opportunities in the US.
  • Although the US Gulf Coast has enough supply, logistics constraints mean overseas imports are likely to be necessary nonetheless.
  • In the short term, Europe is likely to continue exporting gasoline to the US East Coast.
  • Gasoline demand on both sides of the Atlantic, however, is likely to fall due to a trend toward more fuel efficient vehicles and high vehicle penetration in the mid- to long-term.
  • The US will then have to look for new export markets for any excess gasoline.

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