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European Diesel Arrivals Rising in Feb Despite Loss of Russia

OIL PRODUCTS

European arrivals of diesel in February are set to slightly beat January’s pace despite the loss of its main supplier, Russia.

  • The gap left by Russia is being filled by Middle East and Asian supply in February. Flows from the regions into Europe are the highest since 2016 according to Vortexa.
  • Europe’s imports of diesel or gasoil-type fuel are set to be about 1.55 million barrels a day this month.
  • Europe front loaded diesel imports ahead of the ban, which has pressured cracks on ample supply levels. Gasoil stockpiles in the ARA storage hub are at a two-year high, according to Insights Global data.


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