NEW DELHI/SINGAPORE: Exports of gasoline and blend stocks from Asia to the United States rebounded in May from April, including two rare shipments from India, to meet rising summer demand in the west, industry sources and analysts told Reuters.
Global gasoline demand growth has shifted back to the United States and Europe, where widespread COVID-19 vaccinations are spurring more travel. In contrast, fuel use in Asia outside China has slowed recently as India, Malaysia and other key fuel markets were hit by lockdowns, prompting traders to send fuel westwards.
In May, traders loaded about 3.8 million barrels of gasoline and blending components from Asia, mainly South Korea and India, bound for the United States, about 51% more than in April, according to Reuters calculations based on data from oil analytics firm Vortexa.
Exports from South Korea to the United States doubled in May from April, while India's volumes rose 17%, the data showed. In what traders say are rare moves, at least two gasoline cargoes are being shipped west from India's Reliance Industries.