Diesel Markets Weigh Impact of Russian Export Ban

Diesel markets hold steady as the market assesses the impact of the Russian diesel and gasoline exports ban on global supplies.

• The Russian Energy Ministry has approved an amendment to its export ban to exclude bunker fuel, gasoils and some middle distillates. No clear end date has been set but analysts largely expect the ban to be for just a few weeks to cover the domestic harvest and during the seasonal refinery maintenance.
• The prompt ICE gasoil time spreads are edging down from a high of nearly 36$/mt last week but still high compared to around 15$/mt at the start of September. The Dec23-Dec24 spread is down from nearly 130$/mt on 21 Sep to 106.5$/mt.
• The European crack spread is unchanged on the day but the US spread is slightly softer having fallen from about 56.75$/bbl on 14 Sep back towards the lowest since July seen a couple of times at around 44.7$/bbl.
  • Gasoil OCT 23 down -0.8% at 974.75$/mt
  • ULSD OCT 23 up 0.1% at 3.31$/gal
  • Gasoil OCT 23-NOV 23 down -1$/mt at 32$/mt
  • Gasoil DEC 23-DEC 24 down -3.25$/mt at 106.5$/mt
  • EU Gasoil-Brent up 0.2$/bbl at 33.07$/bbl
  • US ULSD crack down -0.8$/bbl at 46.15$/bbl