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Free AccessPhysical EU Crude Weaker Amid Refinery Works and Strong Supplies
Physical crude markets in Europe and Africa are weaker due to refinery maintenance and extra supply from the US and Saudi Arabia according to Reuters sources.
- High levels of planned work at European refineries in spring are reducing crude demand. Offline European crude refining capacity is expected to peak at about 1.7mb/d in April according to IIR.
- "Even though April-refined barrels have been trading for quite some time, it is only now that the pricing impact is finally kicking in." said Viktor Katona at Kpler.
- US WTI Midland crude has weakened in Europe to a discount to dated Brent, and down almost $2/bbl since the start of March.
- Nigerian grade Qua Iboe premium to dated Brent has fallen from $3.1 from $4.0 reached earlier in March, according to LSEG data. Azeri Light crude's premium is down from $4 last week to $2.5.
- Crude supplies have seen disruption this year due to Red Sea diversions but Europe is receiving extra supply from US. Europe will import the second-highest ever volumes of US crude at 2.15mbpd in March, according to Kpler.
- European supply from the Middle East, primarily Saudi Arabia, is also increasing with oil flows to Egypt's Sidi Kerir port the highest since April 2020 at 993k bpd in February.
Source: Reuters / IIR
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