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OIL PRODUCTS: USGC-Europe Diesel Exports Hit New Record in Aug: Platts

OIL PRODUCTS
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The USGC has seen record diesel flows to NWE as favourable freight rates and strong refinery production boosts transatlantic trade, Platts said.

  • Diesel flows from the USGC-NWE and the Med hit 12.5m bbl in August, up from the previous record of 10.6m bbl in July.
  • This follows diesel’s struggle with fluctuating diesel imports amid a summer fuel frenzy.
  • Clean tanker freight rates influenced USGC-NWE/Med trade flow as levels have dropped significantly and arbitrage opportunities became more attractive.
  • Strong refinery utilisation rates have also bolstered diesel production.
  • Imports from USGC-Brazil jumped from 300k bbl in February to 1.7m bbl in August, the highest level since 2022.
  • Meanwhile, Russian diesel flows to Brazil were down to a four-year low of 113k b/d.
  • While diesel flows to NWE and Latam are strong, arbitrage opportunities within the US have been limited, Platts said.
  • Export volumes from the USGC are seen falling, as refineries taper production during maintenance season.

 

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The USGC has seen record diesel flows to NWE as favourable freight rates and strong refinery production boosts transatlantic trade, Platts said.

  • Diesel flows from the USGC-NWE and the Med hit 12.5m bbl in August, up from the previous record of 10.6m bbl in July.
  • This follows diesel’s struggle with fluctuating diesel imports amid a summer fuel frenzy.
  • Clean tanker freight rates influenced USGC-NWE/Med trade flow as levels have dropped significantly and arbitrage opportunities became more attractive.
  • Strong refinery utilisation rates have also bolstered diesel production.
  • Imports from USGC-Brazil jumped from 300k bbl in February to 1.7m bbl in August, the highest level since 2022.
  • Meanwhile, Russian diesel flows to Brazil were down to a four-year low of 113k b/d.
  • While diesel flows to NWE and Latam are strong, arbitrage opportunities within the US have been limited, Platts said.
  • Export volumes from the USGC are seen falling, as refineries taper production during maintenance season.

 

Keep reading...Show less