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OIL PRODUCTS: Brazil Diesel Import Arbitrage Expected to Linger: Platts

OIL PRODUCTS
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Brazilian importers have been taking advantage of a continuing gap between diesel imports and domestic prices, Platts said.

  • As foreign fuel persisted at lower levels than domestic, orders were ramping up.
  • Meanwhile, the thinner spread over Russia-origin diesel was supporting a higher interest in the USGC ULSD.
  • The US-All origin diesel spread in South Brazil was 6.27 cents/gal, down from the record 22.19 cents/gal in April.
  • Market sources believe this import window will remain open for at least a few more weeks.
  • There is market talk of Petrobras raising diesel prices to close the gap, although this has not been confirmed.
  • Russian diesel prices are expected to drop, making USGC cargoes less competitive.

 

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Brazilian importers have been taking advantage of a continuing gap between diesel imports and domestic prices, Platts said.

  • As foreign fuel persisted at lower levels than domestic, orders were ramping up.
  • Meanwhile, the thinner spread over Russia-origin diesel was supporting a higher interest in the USGC ULSD.
  • The US-All origin diesel spread in South Brazil was 6.27 cents/gal, down from the record 22.19 cents/gal in April.
  • Market sources believe this import window will remain open for at least a few more weeks.
  • There is market talk of Petrobras raising diesel prices to close the gap, although this has not been confirmed.
  • Russian diesel prices are expected to drop, making USGC cargoes less competitive.

 

Keep reading...Show less