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OIL
Arrivals of Russian fuel oil and VGO into India are set to surge in August according to Bloomberg.
- The higher imports come as falling crude import flows since the OPEC+ output cuts and ahead of refinery maintenance in Sept-Oct which are a threat to supplies, while road-fuel demand is expected to see a robust recovery beyond the monsoon season.
- August imports from Russia should double from last month to the most since at least early 2017 at about 269kbpd according to initial data from Kpler.
- Indian refiners’ access to fuel oil-rich varieties of heavy or medium sour crudes have tightened, reducing the feedstock to their upgrading units that optimize clean fuel output.
- HSFO and vacuum gasoil can be used in secondary refining units to improve yields of higher-value products like diesel and gasoline. Fuel oil is also used in shipping and power generation.
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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