April 26, 2024 10:18 GMT
East of Suez Diesel/Gasoil Flows Surge into Atlantic Basin
OIL PRODUCTS
Almost 1.2mbd of diesel/gasoil is expected to arrive into the Atlantic Basin this month from the East of Suez, a strong 300kbd m/m increase according to Vortexa.
- The increase has been supported by flows from India and Saudia Arabia, flows which should see less availability in the short term as arbitrage opportunities tighten.
- Argus pricing shows the premium for Ice Gasoil in Northwest Europe to Singapore 10ppm gasoil stood at around $11/t on 25 April, down from $59/t a month earlier.
- Another important point is the recent emergence of a contango market structure in Ice gasoil futures Vortexa added.
Source: Vortexa
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