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EU Diesel Cracks to Rise as Yields Fall: Kpler

DIESEL

European diesel cracks are expected to rise and “re-open the East-West arbitrage window,” according to Kpler via Bloomberg late last week.

  • Gasoil/diesel supply is tightening driven by oil refiners west of the Suez Canal continuing to favour jet/kerosene production.
  • European diesel yields are forecast to fall to the lowest this year at 45.7% in December compared to the seasonal average of 48%.
  • “This is also a function of Europe’s lightening crude slate amid falling Middle Eastern exports and the ongoing Russian sanctions.”
  • “This – and ARA diesel stocks currently approaching 5-year lows of 12.8m bbl – will likely mean a sharp rebound is due later this winter.”
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