US exports of MTBE in October marked their lowest total in eight months on reduced intake by Venezuela, but the year-to-date pace remained at the highest level since 2013, US Energy Information Administration data showed Friday.
October US MTBE exports totaled 1.216 million barrels, down 6% from 1.291 million barrels in September and up less than 1% from 1.212 million barrels in October 2015, EIA data showed. This October's exports were the lowest since February's 930,000 barrels.
Cumulative exports for January-October rose 21% to 13.472 million barrels, up from 11.158 million barrels in the same 10-month period of 2015 and the highest total since 14.117 million in January-October 2013, according to the EIA data.
Mexico was the top destination for MTBE from the US Gulf Coast, taking 880,000 barrels. The country's demand for the blendstock has been high this year due to growing gasoline demand and falling refinery output, with both trends expected to persist in 2017, according to market sources.
The EIA data includes only outright MTBE exports, not MTBE that has been blended into gasoline then exported.
Venezuela, typically the second-largest importer of MTBE from the US, saw its intake fall to 99,000 barrels for October, the second-lowest volume for 2016 and below the monthly average of 320,300 barrels in January-October.
Chile imported 200,000 barrels in October, maintaining the steady flow around that level seen all year.
The US imported 230,000 barrels -- 79,000 barrels from Belgium, 79,000 barrels from Brazil, 50,000 barrels from Argentina, 17,000 barrels from Germany and 5,000 barrels from the Netherlands. Imported material will generally be exported to Latin America as MTBE or blended into finished gasoline for export, as the blendstock is not used in the US gasoline pool.
S&P Global Platts assessed US Gulf Coast MTBE on Friday at $1.8830/gal FOB USG.
US Gulf Coast MTBE pricing averaged $1.7874/gal FOB USG in October, almost flat from $1.7882/gal FOB USG in October 2015, Platts data showed.
