Oil Traders Grab Gasoline Ships to Replenish Harvey-Hit U.S.
- Fuel flows from Europe double since Harvey made landfall
- Impact of Hurricane Harvey extends to global oil markets
Gasoline in Best Run Since 2013
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Oil traders are rushing to book tankers to haul European gasoline across the Atlantic Ocean as Hurricane Harvey transforms the global market for refined fuels.
Traders booked 20 tankers to load European fuels to the U.S. since Harvey made landfall on Aug. 26, according to charter lists compiled by Bloomberg. The rate of bookings is about double the average for August. Most cargoes are 37,000 metric tons each. Shipbrokers said flows to New York will be the highest since November, when a pipeline blast curbed inflows from the Gulf of Mexico.