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OIL PRODUCTS
Russian oil-product exports are on course to reach a four month high in November driven by diesel according to Bloomberg based on Vortexa data.
- Russia’s fuel shipments rose about 333kbpf from October to 2.4mbpd through Nov 18 as refiners boost processing rates at the end of seasonal maintenance and on the easing export restrictions.
- The increase will offset the decline in seaborne crude exports seen in recent weeks amid Russia’s current pledge to cut combined crude and fuel flows by 300kbpd.
- Some diesel restrictions remain in place but could be lifted during the summer months amid a “stabilized” domestic market according to Deputy Prime Minister Alexander Novak this week.
- Diesel and gasoil exports increased to the highest since August at 956kbpd with the main destinations of Turkey, Brazil and China.
- Naphtha rose to the highest in six months at 417kbpd but gasoline and blending component shipments remained weak at 36kbpd and less than half of the previous month. Jet fuel flows rose to 42kbpd.
- Fuel oil exports increase by 17% from the previous month to the highest since April at 841kbpd.
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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