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European Middle and Light Distillate Fortunes Diverging


The gap between diesel and light distillate fortunes in Europe is apparent in seaborne import levels as imports of diesel surge ahead of Russian sanctions.

  • European diesel and jet/kero imports were already above long-term averages over July-September, before widespread refinery outages in France led to a spike far above the seasonal range, with Vortexa recording 3.7mbd of diesel imports into European countries over 1-20 October.
  • This is 1mbd higher than the Q1 2022 average, when demand was under pressure from high prices and some remaining Covid restrictions.
  • Within just three months, gasoline/blending component and naphtha imports fell from a seasonal high of close to 1.5mbd in July to just above 1.1mbd over 1-20 October, in spite of unusually heavy buying from France.

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