DUBAI/LONDON: The impact of disrupted Iranian fuel supplies following tough new sanctions is likely to hit gasoline markets after the peak summer season and could also stoke volatility on international futures markets.
Volumes of gasoline sailing into Iran in July fell far below the seasonal norm, trade sources said, after the EU and the US implemented sanctions specifically targeting Iran’s oil and gas industry.
Any refined products it cannot import could be re-offered at discounted rates, dealers said.
In an early indication of a possible new trend, the owner of a gasoline tanker refused to allow the vessel to sail to Iran from Turkey earlier in July.
The cargo was later sold distressed into the US spot market, traders familiar with the deal told Reuters, adding other diverted cargoes had also headed to the United States.
For now, buoyant demand during the summer driving season has masked lost Iranian use, but market fundamentals could change. “It does not help in a market, which is well supplied. There is an extra amount of cargoes that need a home and that puts pressure on the market,” said one Gulf-based analyst.
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