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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.
DIESEL
Diesel/gasoil arrivals to the top 100 diesel import ports continues above the eight year range, counter to low gasoline imports, according to Vortexa.
- Diesel/gasoil imports into the EU-27 and UK continue despite building middle distillate stocks in Europe and slower demand.
- European gasoil demand in H1 2024 was 50kb/d below the same period in 2020 (IEA). Recent PMI indicators show Eurozone manufacturing PMIs at 45.8 and China at 49.8.
- The ability to move diesel cargoes on larger vessels has enabled the arbitrage from the Middle East to remain slightly open.
- Further pressure on distillate cracks likely comes from steady USGC diesel exports to Northwest Europe.
- Data this week showed European ARA Gasoil stocks rising to 2.9% above the five year average, Singapore Middle Distillates inventories holding 16.8% above normal while US distillate stocks are 7.3% below normal.
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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