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SThis chart combines the gasoline and
distillate imbalances in Europe.
Distillate products (diesel, heating oil, and jet fuel) are imported
in increasing quantities, and excess gasoline is exported in increasing quantities
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S Note that in 2004, distillate imports have
grown less than gasoline exports. Is that a situation that is likely to
continue? Does it reflect growing difficulty in finding economic distillate
imports? Perhaps.
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SLooking to the future, imports are likely to
be more difficult to locate with the region’s low sulfur requirements. This could mean a larger price incentive
for diesel supply, and resulting push to produce more distillate at the
expense of gasoline production. Still,
such European refinery changes may not happen quickly, and European needs for
distillate imports will continue to affect Atlantic Basin prices, while
European surplus gasoline supplies continue to increase for use in areas like
the U.S.
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