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DIESEL
Europe’s diesel and gasoil arrivals in the EU and UK were just 909kbpd in the first 20 days in August and on course for a five month low according to Kpler.
- Imports are down 19% from July’s total daily average and is the smallest amount since the lowest since October 2017 seen in March.
- The US supplies to Europe have dropped as US flows to Brazil recover amid a drop off in Russia supplies and with low US stocks. US diesel supply to Europe is about 225kbpd.
- Shipments from India, Saudi Arabia, Kuwait and Qatar to Europe are down this month but flows from the United Arab Emirates have more than doubled.
- Global supplies are impacted by a shortage of distillate-rich crude supplies following OPEC+ voluntary output cuts, falling diesel-yields and unplanned refinery outages. Europe is particularly sensitive to the tight supplies after introducing the ban on Russian flows earlier this year.
- Europe’s weak imports “could be attributed to combination of tightening balances across the exporting countries, coupled with tepid demand across Europe,” said Yash Rastogi at Kpler.
- East-West flows have slowed in recent months amid issues at new refineries in the Middle East but tight global supplies could be eased when China announces a new batch of oil product export quotas.
Source: Bloomberg
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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