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EU Diesel Cracks Hoping for Late Restocking Boost: Platts

OIL PRODUCTS

Europe diesel cracks are expected to see some recovery towards the end of the summer when buying to refill stocks begins, Platts said in its Oil Markets Podcast.

  • While stock levels are currently quite low, the current contango structure is disincentivising buying for storage.
  • However, there is likely to be some at the end of the month ahead of cooler weather in winter.
  • Diesel may also get a boost when it moves to winter specification, which will tighten available supply.
  • However, if strong flows from the US continues, that will not be an issue and the market will face pressure from continued length, particularly in the face of ongoing weak demand.
  • One factor to watch for is winter weather. A milder winter will cut diesel demand and could weigh further on cracks, Platts said.
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