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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
Europe’s diesel imports for August are set to be the highest since Jan. 2023, according to Vortexa cited by Bloomberg.
- Bloomberg said that the surging arrivals of diesel are more linked to the size and timing of cargoes, rather than any improvement in demand.
- A flood of diesel is arriving to Europe as VLCCs are being loaded instead with refined products.
- It is unusual for VLCCs to haul refined products, but the Red Sea security risk has spiked rates on smaller vessels.
- VLCC rates have been more subdued amid OPEC+ crude output cuts.
- The longer voyage around the Cape of Good Hope makes it very expensive on smaller vessels, incentivising ship owners to clean their VCCs to haul gasoil and improve economies of scale.
- Traders booked at least 6 VLCCs - hauling up to 2m bbl of diesel. This is in addition to 27 Suezmax vessels each holding 1m bbl.
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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