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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
Atlantic Basin clean product imports slipped outwith the 7-year range in October according to Vortexa driven by European flows dropping.
- Its seaborne clean product imports slipped 3% comparing June-Oct 2023 to Jan-May 2023 and dropped 6% compared to June-Oct 2022. This was due to a closed diesel arb from East of Suez markets and declining naphtha imports from Algeria according to Vortexa.
- Nigeria’s gasoline subsidy being slashed also contributed to Atlantic Basin weakness. Nigerian gasoline imports fell 36% from Apr-Oct 2023 compared to the same period in 2022.
- It has backed out nearly 200kbd of European gasoline before the Dangote refinery starts up.
- Signs of Atlantic Basin strength meanwhile were higher gasoline flows into the US and Canada East Coast during peak driving season this year and strong diesel imports into Brazil Sep/Oct.
source: Vortexa
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.
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