9/22: US Gasoline Exports Hit Record High

Finished motor gasoline exports out of the U.S. hit an all-time high last week, averaging 1.12 MMb/d. U.S. distillate imports shot up to 1.57 Mb/d, just shy of the all-time record set eight weeks ago. Both of these spikes are due to companies stock piling ahead of the European Union’s ban on Russian refined products in February. Russia currently makes up 44% of European diesel imports. And if that’s not bad enough, since gas prices are so high in Europe, some gas-to-oil switching is occurring, adding additional demand for crude oil and its related fuels in the region. For more on this follow RBN's Crude GUSHER.

Source: EIA