Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL PRODUCTS
Singapore's weekly middle distillate increased to the highest since October 2021 in the week to 22 March suggesting regional cargoes are being directed to the Asian blending hub for temporary storage.
- Asian gasoil stocks have risen sharply in recent weeks as exports to Africa are replaced by Russian cargoes. The EU sanctions on Russian oil products from 5 Feb has resulted in more Russian diesel cargoes to Africa and the eastern Mediterranean. Kuwait's second phase start-up at the Al Zour refinery have further limited destinations for Asian exporters.
- Russian exports to African markets including Tunisia, Morocco and Egypt have steadily risen since December, and set to reach above 1.15m tonnes in March according to Vortexa.
- Gasoil stored onboard vessels in Singapore and Malaysia also hit a one-year high in early March at 480k tonnes according to Vortexa data.
- The stock build will last three to six months, depending on global demand growth led by the economic situation according to ICIS.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok