\n
By Shariq Khan and Anushree Mukherjee<\/p>\n
NEW YORK, April 6 (Reuters) – U.S. President Donald Trump’s move allowing foreign-flagged cargo ships to move fuel and other goods between domestic ports has so far had little impact \u200con American oil supply, according to trade data and analysts who noted that U.S. refiners and shippers are \u200cearning more profits sending fuel overseas.<\/p>\n
Last month, Trump waived Jones Act limitations for 60 days starting March 17, hoping the move would help tame the \u200bsurge in fuel prices caused by the Iran war by increasing shipments from the U.S. Gulf Coast to other coastal markets in the country.<\/p>\n
So far, however, shipping data shows the move has not boosted U.S. oil flows between domestic ports. Instead, U.S. fuel exports hit a record high last month, as refiners shipped more fuel from the U.S. Gulf Coast to Asia and Europe, and \u200ceven reversed traditional flows to export from \u2060the U.S. East Coast to Europe.<\/p>\n
The Jones Act limits movements of goods between U.S. ports to U.S.-flagged vessels only. Low availability of such vessels was partly blamed for high fuel prices in \u2060California, Hawaii, and other U.S. markets that lack pipeline connections to U.S. Gulf Coast refiners.<\/p>\n
Crude oil, refined products, biofuels and liquid chemicals shipments between U.S. ports were virtually unchanged in March from February, at about 1.37 million barrels per day, Kpler data showed.<\/p>\n
Liquids exports from \u200bthe \u200bU.S. Gulf Coast to other U.S. coastal markets declined to 770,000 \u200bbpd in March, from 826,000 bpd in February, the \u200cKpler data showed.<\/p>\n
Asian and European oil markets have been hit hardest by the Middle East war, as Iran’s blockade of the Strait of Hormuz has cut off refiners in those continents from their regular crude and fuel exporters. As a result, U.S. refiners are reaping better margins sending fuel abroad than sending it within U.S. markets.<\/p>\n
European gasoil futures, used to price diesel in the region, traded north of $200 a barrel on Monday, compared to U.S. ultra-low sulfur diesel futures, the U.S. pricing \u200cbenchmark, at under $185.<\/p>\n
“With incredible arbitrage opportunities involving various continents, I’m not sure \u200bwhen there might be a few vessels that could, say, bring Gulf \u200bCoast product to the Northeast,” said Tom Kloza, chief \u200benergy advisor to Gulf Oil.<\/p>\n
In addition to better prices for refiners, ship owners are also earning \u200cmore sending vessels on longer journeys from the \u200bU.S. to Asia. Asian refiners have \u200bbeen bidding up for vessels in the Atlantic Basin so that they can use them to import more U.S. crude to replace the Middle East supply they have lost.<\/p>\n<\/p><\/div>\n
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