Russian gasoline exports dry up, limited but welcome upside for European refiners

Amid a prolonged export ban and ongoing strikes on Russian refinery assets, September marks an unprecedented halt to Russian gasoline exports. For now, the upside for European refiners remains limited, but our flows data show some early indications of a modest pick-up in European outflows to some of the largest importers of Russian gasoline. Coupled with recent developments at Dangote, and depressed PADD 1 inventories, European exports look ripe for a rebound in the near term.