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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.
REFINING
European crude imports are arriving at their highest pace of the year in August according to Vortexa, reflecting higher summer demand. (see chart)
- Meanwhile, crude/condensate floating storage in the region is in decline, falling to early 2024 levels.
- European refining, long under pressure from overseas rivals, was given a lease of life in the wake of the Ukraine war after the European Union banned oil imports from Russia - which was a major source of diesel.
- European refiners are facing pressure over weaker refining margins this summer, especially for diesel.
- "Global refining margins, which have sharply decreased since the end of the first quarter 2024, remain impacted by low diesel demand in Europe, as well as by the market normalisation following the disruption in Russian supply," TotalEnergies said in its Q2 results.
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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