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Saturday, December 31, 2016

More Data On Mexico's Gasoline Imports -- December 31, 2016

The original story was at this post.

Now, additional data is provided, from Platts. Data points:
  • Mexico's record-low refiner production and growing consumer demand: pushed US gasoline exports there to a new high in October
  • gasoline exports to Mexico climbed 1.86 million bbls to 12.08 million bbls in October
  • the previous peak was 11.42 million bbls in December, 2010
  • Mexico is by far the largest importer of US gasoline; take 46% of the 177 million bbls of finished gasoline exported by the US in October, 2016
  • exports push the price of gasoline higher
  • outright price of Gulf Coast pipeline-delivered conventional gasoline, $1.71, highest price since August 18, 2015
  • prime reason for increased exports to Mexico: chronic underinvestment in downstream investments over the years
  • Mexico's refined product production is at its lowest point since Pemex started tracking data in 1995
  • this, despite domestic sales climbing to a record high
  • Mexico is expanding its main import terminal, the port of Tuxpan on Mexico's east coast
This won't be the top energy story of 2016, and it may not even make the top ten list, but it's a huge story and it's going to get much bigger. 

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