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EU Refiners Leaning Towards Sweeter Crude as Diesel Cracks Soar

OIL

European crude/condensate imports reach 2-year high in September according to Vortexa.

  • European crude/condensate imports in September posted a 350kbd m-o-m rise.
  • The rise in September stems from Europe’s heightened imports of light to medium-sweet grades, which were 3.8mbd in September, a 200kbd increase m-o-m.
  • European refiners have been incentivised to import higher yielding middle distillate rich grades because of soaring diesel cracks.
  • High gas costs have led to higher desulphurisation unit operating costs, also feeding demand for sweeter grades.
  • European diesel cracks have been pushed by high refinery maintenance across Europe, French strikes and a move away from Russian supply ahead of next years ban.

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