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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.
DIESEL
Northwest European diesel-type fuels stockpiles are expected to rise in the coming weeks, driven by weak demand and relatively strong supply, according to Wood Mackenzie.
- “The European diesel/gasoil demand outlook has softened considerably amid continued weak industrial activity across the euro zone,” said Emma Howsham, analyst at WoodMac said.
- Even the return of colder weather failed to significantly lift demand, she added.
- In recent months, France, Germany and Spain have all seen diesel-type fuels demand dropping below 2022 levels.
- Woodmac forecasts demand to decline by 120kbpd, or almost 4%, on the year in NW Europe in Q1 2024
- While European refiners increased refinery runs after autumn maintenance, imports also picked up, Howsham said.
- At the same time, NW Europe’s intake of sour crude has fallen 30% since the EU’s ban on Russian oil in December 2022 weighing on the output of diesel-type fuel, which is expected to stay in the first quarter of next year, Woodmac said.
- The region’s gasoil/diesel market is expected to continue to lengthen into 2024 as global supply firms, supported by the ramp-up of refining capacity additions, especially in the Middle East, Howsham said.
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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