Export Shift
After a rather disappointing period for most of the summer and autumn, US CPP exports to Europe may be poised to increase. With Europe potentially facing a clean products shortage from the 5th of February, any extra volumes will be more than welcome in replacing the approximately 1 million bpd of Russian CPP still being imported into the EU and the UK. US CPP exports could be encouraged by several factors. These include the rebound in US Gulf Coast (USG) refinery runs and utilization, following the end of the maintenance season, weak domestic demand, and low product stocks in Europe, all of which should lead to supportive trading economics in the near future.
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