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OIL PRODUCTS: Europe’s Diesel Imports Seen at 4-Month low in Nov: Bloomberg

OIL PRODUCTS
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Diesel imports into Europe from external suppliers are on track to drop in November to a four-month low, Bloomberg said.

  • This comes just as the market shows signs of tightening.
  • Gasoil and diesel shipments discharged in the EU and UK in November are seen around 1.17m b/d, according to Kpler, down 8% on the month.
  • The decline follows lower flows from its top suppliers: Saudi Arabia, the US, and India, with the arbitrage not easily workable.
  • The Singapore market has strengthened amid tighter availability and consistent buying, making it more profitable to send Indian and Middle East barrels east rather than West of Suez.
  • Saudi’s Yasref refinery has also reduced shipments of diesel to Europe by 90k b/d, Kpler said.
  • Shipments from the US are expected to be the lowest since June at 277k b/d amid falling USGC distillate stockpiles and seasonal refinery maintenance.

 

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Diesel imports into Europe from external suppliers are on track to drop in November to a four-month low, Bloomberg said.

  • This comes just as the market shows signs of tightening.
  • Gasoil and diesel shipments discharged in the EU and UK in November are seen around 1.17m b/d, according to Kpler, down 8% on the month.
  • The decline follows lower flows from its top suppliers: Saudi Arabia, the US, and India, with the arbitrage not easily workable.
  • The Singapore market has strengthened amid tighter availability and consistent buying, making it more profitable to send Indian and Middle East barrels east rather than West of Suez.
  • Saudi’s Yasref refinery has also reduced shipments of diesel to Europe by 90k b/d, Kpler said.
  • Shipments from the US are expected to be the lowest since June at 277k b/d amid falling USGC distillate stockpiles and seasonal refinery maintenance.

 

Keep reading...Show less