May 6, 2016 [OPIS] - Gasoline exports out of Spain's Port of Barcelona more than doubled during the first three months of the year while diesel exports fell, according to the latest data available from the port authority.
Total gasoline traffic reached 774,931 tons during the period January-March, up by almost 130% on the same period a year before. Growing demand for gasoline in markets in southern Europe and North Africa provided the main boost to the amount of gasoline leaving the port, a spokeswoman at the port authority told
OPIS.
But the contango in the European market for distillates and the subsequent buildup of storage led to an 8% fall in diesel exports from the port in the first quarter, the port authority said.
Diesel oil traffic at the port of Barcelona fell to 539,144 tons, down from 586,285 tons in the period January-March 2015. In addition to the contango, that has led operators to store product until they can sell for more at a later date. Diesel imports into the Port fell as Spanish refiners produced enough crude to meet domestic demand without the need for additional tons.
Total crude production in Spain reached just over 10 million tons in the period January-February 2016, up by 2.1% over the year, according to the latest data available from the Spanish Ministry of Industry, Energy and Tourism. Diesel accounted for almost 45% of refined product output, while gasoline accounted for less than 15%.
The Port of Barcelona has been seeking to establish itself as an oil hub serving Mediterranean markets.
Russian oil major Lukoil operates a 125,000-square-meter storage terminal at the port via a 50 million euro ($57 million) joint venture with the Spanish operator Meroil. The terminal has a 1-million-cubic-meter storage capacity.
