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OIL
US oil exports to Europe are increasing this month as refiners worked through oil onboard ships which were unable to discharge due to strikes in France according to Bloomberg data.
- Oil on floating storage off Europe fell by 18mbbl in past four weeks to just above 7mbbl in the to 5 May according to Vortexa data.
- Six US ships booked for Europe in the first week of May compared with three in April.
- French strikes which halted oil refineries and port terminals ended in mid-April. The strike curtailed refinery runs to 60% of capacity in March down from 87.7% in February.
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.
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