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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
Diesel inventories in NW Europe edged higher last month despite a ban on imports from Russia according to Wood Mackenzie.
- Stockpiles were 243.8mbbls in February, compared with a revised 243mbbls in January.
- Seaborne imports of diesel-type fuel from countries east of the Suez Canal increase by almost 390kbpd on the month to more than offset the 250kbpd loss from Russian supplies.
- “We do not see Europe needing to import such high volumes in the coming months, given the stock builds in recent months and the softer demand outlook,” said James Burleigh at Woodmac.
- Wood Mackenzie revised January end stockpile levels up by 16mbbls partly due to higher JODI data for December and with high imports from Russian ahead of the EU ban.
- They see a potential for tighter Gasoil markets in Q2 2023 to support a drawdown in European stockpiles with lower Asian supply due to recovering domestic demand in China.
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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