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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
High global diesel import volumes is likely the result of too much supply rather than an indication of growing demand according to Vortexa. The increased flows have applied downward pressure on refining margins and will likely continue to do so in the near term.
- As diesel imports reach new highs (see chart), Vortexa figures show strong global diesel export growth during Jan-April 2023 compared to Jan-April 2022; particularly from Europe (20% y-o-y ), Russia (24%, y-o-y), and the Middle East (7% y-o-y).
- Further diesel volumes will be added to global supply with new refining capacity coming online in the US, Middle East, Asia, WAF and LatAm this year which will likely push up diesel exports.
- Repsol’s CEO claimed last week that sanctioned Russian diesel was still making it into the European market as it was re-exported from regions like North Africa and Turkey.
- He claimed these extra volumes were pressing European diesel margins at a time the region was expected to be short of product post Feb 5 Russian ban.
- Global refineries may cut runs later in the year to balance global oil product supplies, especially in Asia.
source: Vortexa
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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