New York Steps Up as Unlikely Diesel Supplier

(Bloomberg) —

New York is rising to the fore as an unlikely diesel supplier, shipping out three cargoes in one week as Russia’s fuel export ban sends buyers searching for new supplies.

Three ships — the Mantaro I, the Nord Master and the Sti Queens — loaded more than a combined 1 million barrels of diesel or gasoil in the past week from the International-Matex terminal in New York Harbor, according to Kpler data compiled by Bloomberg. That’s an average of 41,000 barrels a day so far this month, the highest monthly rate since June 2020. 

New York is typically short on diesel and relies on imports from Europe and Canada. But it has been a net exporter each month since July, Kpler data show. That has contributed to the region’s inventories of distillates, which include diesel and heating oil, dwindling to the second lowest level ever for this time of year. 

Two of three cargoes loaded this week are headed to Europe, while the Sti Queens is due in Paranagua, Brazil, in two weeks, according to Bloomberg vessel tracking and Kpler. Brazil has been a top buyer of Russian diesel this year, switching from volumes from the US Gulf Coast. The US Gulf Coast has seen monthly exports slide this month due to ongoing maintenance work. 

© 2023 Bloomberg L.P.

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