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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.
OIL PRODUCTS
As Nigeria has removed fuel subsidies, domestic demand has sunk and European gasoline flows to the country have slumped.
- Despite a lack of Nigeria demand, European refining margins have been supported by demand from North America, a shortage of high-quality blending materials, disruption caused by low water levels inland and local refinery outages.
- Due to Nigeria’s domestic demand destruction, onshore gasoline stocks in the country have climbed to 960,000 tonnes from an average 613,000 tonnes between January and June, according to the consultancy CITAC.
- Northwest Europe typically relies on WAF demand for its gasoline.
- June loadings from the Amsterdam-Rotterdam-Antwerp (ARA) hub to West Africa fell to 629,000 tonnes this year from 895,000 tonnes last year and 1.2 million tonnes in 2021 according to Refinitiv.
- Loadings dropped to 627,000 tonnes in July so far this month from 1.5 million tonnes last year and 1.4 million tonnes at the same time in 2021.
- ARA exports to the United States rose to reach 695,000 tonnes so far this year in July, compared with 449,000 tonnes last year.
source: Refinitiv
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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