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Europe Turns to US for Diesel Supplies

OIL PRODUCTS

Europe’s imports of diesel and gasoil from the United States are on track to reach a two-year high this month based on Vortexa figures.

  • In December, Europe’s U.S. loadings for diesel and gasoil reached 660,000t.
  • The European rush to purchase US diesel comes ahead of the February 5 EU ban on Russian oil products.
  • The European demand for diesel has put further pressure on US distillate stocks which are 14% below their five-year average.
  • Europe has also looked to the UAE for additional diesel imports.
  • Russia is ramping up diesel exports to Europe ahead of the ban – they are about 8% above December’s pace so far this month.
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