EU exports of toluene dropped 45% in April to 29,253 mt from 52,984 mt in March as the arbitrage to the US became difficult to work, the latest Eurostat data show.
Outflows to the US fell to 12,588 mt in April, down 69% from 40,397 mt the previous month.
Trans-Atlantic export interest had gained momentum in March because of numerous refinery turnarounds in the US Gulf Coast region, leading to substantial price jumps in the region's gasoline and blending component markets as a supply crunch developed.
But the arbitrage became difficult to work as refineries restarted and turned market sentiment bearish in the US. Some traders and producers remained optimistic and shipped volumes from Europe ahead of the summer driving season in the US.
Meanwhile, toluene exports in the January-April period were up 15% at 134,256 mt from 116,489 mt in the same period of 2017.
