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Europe’s Gasoil Inventories Falling Despite Weak Demand

OIL PRODUCTS

ARA gasoil inventories are now nearing their lowest level since 2018, despite weak demand, according to BNEF.

  • Europe’s diesel imports fell by 10% on the month in October, amid falling arrivals from the Middle East, according to BNEF.
  • This has caused further draws in European gasoil stockpiles in the ARA region, which are currently around 268k mt below the beginning of October.
  • East-West spreads could widen in November in order to draw further volumes to Europe from the East.

Source: Bloomberg

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