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ARA Diesel Premium over Crude Hits 7-Week High: Argus

OIL PRODUCTS

The premium of 30k mt diesel cargoes loading ARA vs Brent crude hit a seven-week high Jan. 25, according to Argus.

  • Flows remain disrupted due to disrupted flows through the Red Sea.
  • Argus had diesel’s premium over crude at $29.29/b, the highest since Dec. 6.
  • The diversion around the Cape of Good Hope is now uneconomical at current prices, keeping diesel East of Suez and sending volumes to APAC.
  • This remains below typical levels in 2022-2023 when it was regularly above $40/b and even exceeded $70/b.
  • Flows through the Red Sea have grown in importance for European diesel since the market moved away from Russian oil.
  • In 2023, 50% of diesel imports came via Suez, compared to 25% in 2022.
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