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Diesel Rally Weakens

OIL PRODUCTS

Diesel Continues to trade higher on the day following Russia’s decision to ban exports of the product, but has softened from heights seen earlier in the day.

  • Gasoil OCT 23 up 2.4% at 986.75$/mt
  • ULSD OCT 23 up 1.8% at 3.39$/gal
  • Gasoil OCT 23-NOV 23 up 3$/mt at 31.75$/mt
  • Gasoil DEC 23-DEC 24 up 14.75$/mt at 115$/mt
  • EU Gasoil-Brent up 2.6$/bbl at 34.54$/bbl
  • Oct Gasoil reached a high of 1014.25 at 3pm (BST) as the market took stock of the unexpected ban to exports and potential disruption to global supply.
  • Russia’s Deputy PM will hold a meeting with the leaders of Russian oil companies Friday to discuss the domestic fuel market, according to Interfax.
  • Turkish diesel imports were less that 300kbd at the start of the year, reaching just over 500kbd in July – supported by extra Russian barrels. A significant portion of this was then re-exported to Europe.

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