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OIL PRODUCTS
Russia’s refined fuel exports fell to the lowest in seven weeks but remained above the Q1 target according to Bloomberg based on Vortexa data.
- Weekly flows fell 27% from a revised level the previous week to 2.14mb/d.
- Four week average exports fell 70kb/d on the week to an average of 2.62mb/d in the four weeks to Jan. 21.
- The four-week average suggests exports are 536kb/d above the Q1 target. The pledged 200kb/d cut in refined product exports in Q1 from the May-June 2023 baseline suggests an estimated target of 2.08mb/d.
- Exports may decline again this week due to storm warnings in the Baltic and the Black Sea and the recent drone attack on facilities at Ust-Luga.
- Diesel and gasoil exports fell by 13% from the previous week to 1.09mb/d and gasoline fell by 56% to 101kb/d with shipments potentially curtailed after an incident at Lukoil’s Norsi refinery earlier this month.
- Naphtha shipments fell by 19% to 460kb/d and fuel oil exports fell to the lowest since May 2022by almost 50% to 420kb/d.
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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