By Firat Kayakiran, Rachel Graham and Laura Blewitt (Bloomberg)
America’s East Coast gasoline glut is back and it’s so big that tankers bound for New York are being forced to detour mid-ocean toward other destinations.
The region’s record inventories have grown so large that at least five tankers bringing cargoes to New York in January were forced head elsewhere while en route. Ship charters show European plants directing more of what they produce to Africa. The stockpile buildup has depressed both trans-Atlantic shipping rates and refiners’ profits from making the fuel.