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Oversupply Limits German Oil Product Prices Increases: Argus

OIL PRODUCTS

German oil product demand remained seasonally low in the week to Feb. 9, according to Argus.

  • Persistently low truck mileage – which constitutes around 50% of diesel demand - in Germany is pushing down diesel demand at petrol stations.
  • The low demand is paired with unabated production, causing an oversupply at the 310k b/d Miro and 226k b/d PCK refineries.
  • Despite supply exceeding demand, prices have risen with ICE gasoil futures their highest since Oct. This is due to geopolitical concerns for diesel supplies from East of Suez and a heavy planned refinery maintenance season.
  • However, price increases are being dampened by the oversupply which Argus said was comparatively slower than in other markets.
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