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OIL
The return of refineries from seasonal maintenance has driven Russian oil processing to the highest in seven weeks according to Bloomberg. Processing increased by 210kbpd week on week to 5.48mbpd in the week to 25 Oct.
- Russia’s average daily processing in Oct. 1-25 was 5.31mbpd compared to 5.38mbpd for most of September.
- Refinery runs may reach 5.8mbpd by December according to Kpler as processing rates continue to rise as refineries return from maintenance. An extra 250kbpd of primary capacity will come back online in the second week of November according to Viktor Katona at Kpler.
- Russian crude flows have ticked higher through October suggesting a waning commitment to the pledge cut to crude exports but the recovery in run rates could help reduce Russian crude exports.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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