US commodities trader shipping fuel as Mideast markets tighten on the back of refinery outages
US commodities trader Cargill will ship about 60,000 tonnes of gasoline from Turkey to the Middle East Gulf amid tight oil product supplies in the region, trade sources said late on Wednesday.
The gasoline is sourced by Turkey's Tupras refinery and will be loaded on Dec 14 from the port of Tutunciftlik, based in the city of Kocaeli, where one of Tupras's refineries is located, shipping and trade sources said.
The cargo's final destination in the Middle East and price details were not immediately available.
Gasoline and naphtha markets in the Middle East have tightened over the past couple of weeks on the back of refinery outages in Kuwait, Oman and Saudi Arabia.
Global gasoline supply is also seen as becoming tight, with inventories in key consumers including the United States falling below year earlier levels.
In a rare price reaction to the Northern Hemisphere winter, European gasoline price jumped to a two year high on Thursday. New York RBOB gasoline's premium, or crack, to crude oil was trading above $10 a barrel by 1022 GMT, compared with about $7 in early December last year.