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OIL PRODUCTS: Europe Set for Biggest Diesel Influx Since Russian Supply Ban

OIL PRODUCTS
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Europe is poised for a flood of diesel imports in October as a surge in shipments from the US coincides with arrivals from Saudi Arabia, Bloomberg said.

  • Diesel imports into Europe are seen at 1.28m b/d in H1 Oct, the highest average flow since Feb. 2023 when the EU banned buying of Russian origin fuels.
  • The surge in flows from the USGC, likely to be 417k b/d in H1 Oct, is largely due to low US demand.
  • Flows from Saudi Arabia in H1 Oct are seen at 370k b/d, a four-year high.
  • The changing freight dynamics due to the lack of access to the Red Sea will keep Europe well supplied for diesel this winter, analysts told Bloomberg.
  • Seasonal refinery works, coupled with run cuts by some European producers, may help absorb these volumes. Although weak demand will add pressure.

 

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Europe is poised for a flood of diesel imports in October as a surge in shipments from the US coincides with arrivals from Saudi Arabia, Bloomberg said.

  • Diesel imports into Europe are seen at 1.28m b/d in H1 Oct, the highest average flow since Feb. 2023 when the EU banned buying of Russian origin fuels.
  • The surge in flows from the USGC, likely to be 417k b/d in H1 Oct, is largely due to low US demand.
  • Flows from Saudi Arabia in H1 Oct are seen at 370k b/d, a four-year high.
  • The changing freight dynamics due to the lack of access to the Red Sea will keep Europe well supplied for diesel this winter, analysts told Bloomberg.
  • Seasonal refinery works, coupled with run cuts by some European producers, may help absorb these volumes. Although weak demand will add pressure.

 

Keep reading...Show less