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European biofuel storage capacity on the rise
Europe continues to see growth in its liquid biofuel demand
1 minute read
Seasonal refinery maintenance across Europe and the US is coming to an end, with Wood Mac’s refinery monitoring highlighting the recent return of significant CDU capacity. In the US, we reported the restart of BP’s 115 kb/d CDU at the Whiting refinery. Additionally, in Europe we continue to monitor units for signs of restart activity. Following the recent vote by French CGT union members, we expect TotalEnergies 206 kb/d Gonfreville refinery to begin restating in the coming days.
We expect a substantial increase in refinery run rates this month, but any delays to restart and/or further outages could potentially lead to price spikes, given the record-low Atlantic basin oil product inventories.
Wood Mackenzie will be following this closely in our European (and North American) Refinery Intelligence Service as we use infrared technology to track outages/restarts at refineries in real time, and are the first to notify on status changes.
Within our ARA Storage research, we have seen both Gasoil and Gasoline stocks drop in the region, primarily as a result of the refinery outages impacting secondary units.
Most notably in a recent report, gasoline and naphtha stocks in ARA fell 2.4% in the week ending October 28th. We’ve seen a similar decline in New York Harbor, with gasoline stocks dropping close to the record low stock levels recorded during summer.
Wood Mackenzie monitors key storage facilities in the ARA hub: Methanol/Ethanol; Crude Oil; Gasoil/Jet Fuel; Gasoline/Naptha; and just released our ARA Biodiesel and Renewable Diesel storage monitoring.
Using our European Waterborne Products tracking, in October we saw the highest gasoline flows heading trans-Atlantic (North and South America) since May. In contrast, October's trans-Atlantic gasoline flows to the US specifically, were the lowest since December 2021, partly explaining the recent tightness in US east coast supplies.
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