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Product Demand in Germany Surges After Price Dip: Argus

OIL PRODUCTS

Demand for heating oil and road fuels rose on the week in Germany after falling ICE gasoil futures caused domestic distillate prices to slip, Argus said.

  • The increase in demand was partly caused by the global IT problems on July 19 after a faulty update on cybersecurity company Crowdstrike.
  • Loadings at Shell’s 334k b/d Rhineland refinery and Bayernoil’s 215k b/d Vohburg Neustadt refinery were interrupted by the IT problem and some traders had to postpone trades until July 22.
  • Overall demand remains below traders’ expectations, reflected in comparatively low storage levels, which are down 1% on the year.
  • Domestic refinery outage continues to cover buying interest even as diesel imports remain low.
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