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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
Flows of CPP from East Asian refiners to Latin America reached a record high of 300kbpd in September and are set to continue into October according to Kpler.
- The increased supports supplies to the region amid the ongoing Russian export ban. Latin America’s has increased reliance on Russian exports this year as supplies more than quadrupled y/y to 200kbpd this year.
- The high East Asia-Latin America flows have been boosted by heavy USGC refinery turnarounds with outages across the Americas totalling 2.2mbpd.
- Northeast Asian cargoes are cheaper than supplies from USGC, and vessels avoid the congestion in the Panama Canal suggesting a $5-10/bbl spread between the two suppliers according to Kpler calculations.
- Competition for diesel supplies could increase this winter with Europe likely to turn to USGC refiners amid tight balances.
Source: Kpler
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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