Exports from the region to the US East Coast and West Africa have been strong, with at least 10 cargoes booked on the transatlantic route this week, according to shipping data. Still, activity in the ARA hub fell sharply following the drop in US gasoline cracks.
US East Coast gasoline stocks rose to their highest level on record for this time of the year, driven by strong imports, which reached 932,000 bpd on a four-week average. Domestic US demand is currently 1.2 percent higher than a year earlier, according to EIA data. Low Rhine water levels have been limiting barge movement between ARA Hub to Germany pushing up freight rates while also keeping the supplies low, ING said in a note.