US Refined Products Shipments to Mexico Reach Multimonth High

Daily loadings of U.S. refined products into Mexico surged to a multimonth high Monday, driven by persistent Mexican domestic fuel deficits and accelerated Gulf Coast export activity, according to Vortexa energy cargo-tracking data.

Loaded shipments of finished gasoline, gasoil and ULSD totaled six vessels carrying a combined 1.3 million bbl on Monday. This marks the highest daily vessel count and loaded volume since June 28, when 14 cargoes loaded 1.45 million bbl. On the same day last year, three vessels loaded 471,800 bbl of U.S. refined products.

The surge underscores Mexico’s continued reliance on U.S. Gulf Coast refiners even as state oil company Pemex during July and August maintained 1.2 million b/d of crude processing output from its seven domestic refineries.

While the U.S. supplied roughly 86.3% of Mexico’s refined product imports between 2016 and 2023, that figure has climbed to 91.7% since 2024, according to Vortexa. Short-haul maritime corridors from Texas and Louisiana offer unmatched logistical flexibility, allowing Gulf Coast suppliers to rapidly backstop Mexican inventory drawdowns within three to six days.

Data from Pemex and Mexico’s energy ministry, Sener, said the country in August imported 396,960 b/d of gasoline and 172,389 b/d of diesel, of which 73.5% and 41.9%, respectively, were requested by Pemex and the rest by private importers.

The current cluster of vessels will discharge across key Mexican receiving terminals over the coming weeks. Deliveries begin Oct. 15, when the Maersk Cancún arrives in Tuxpan with 225,600 bbl of finished gasoline and the Jupiter Star reaches Pajaritos with 150,500 bbl.

The Pintail Pacific follows, arriving in Tuxpan on Oct. 18 with 29,900 bbl of finished gasoline, while the Marlin Aventurine and Cepolis arrive in Tuxpan and Veracruz on Oct. 19 and 20 carrying 285,000 bbl of gasoil and 307,200 bbl of finished gasoline, respectively.

Shipments conclude on Oct. 24 when the Silver Hannah brings 299,000 bbl of finished gasoline to Pajaritos, leaving traders watching closely to see if this loading spike reflects sustained fourth-quarter import demand or a temporary clearing of terminal backlogs.

Reporting by Erik Papke, epapke@opisnet.com and José Luis Adriano, jadriano@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com