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OIL PRODUCTS
Algeria, US, Saudi Arabia, and the United Arab Emirates have increased light distillate flows to Europe in total by 76% so far in March m-o-m according to Vortexa.
- The flows have increased as European demand for non-Russian alternatives has increased post Feb 5.
- Even with growing volumes of substitute barrels coming in, a shortfall of light distillates into Europe will likely continue Vortexa said.
- In 2022, European light distillate imports from these growing alternative sources averaged 120kbd while imports from Russia averaged 310kbd which means even with the increased flow, Europe will continue to be short on naphtha for gasoline blending, at least from a historical perspective.
- Higher inventories coupled with strong refinery runs and relatively low planned spring turnaround season could give a boost to light distillate supplies while the region searches for further replacement barrels.
source: vortexa
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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