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Russian Diesel Export to Asia Increase Ahead of EU Ban

OIL PRODUCTS

More Russian diesel exports are heading away from Europe to Asia ahead of EU sanctions on Russian products from 5 Feb according to a note from FGE on 13 Jan.

  • The structural shift will mean that European and Asian buyers will compete for Mediterranean barrels from countries such as Algeria and Greece
  • Russian gasoil shipments to South Korea reached a record 222k tons in December, and shipments to Singapore will be around 198k tons in the coming weeks according to Kpler data.
  • “We are seeing some highly unusual trade flows, probably due to the need to ‘rebrand’”
  • They expect the upcoming EU ban to continue to cause volatility in gasoil cracks.
  • European buyers need to seek alternatives for 400k-500k tons/month of Russian naphtha. Naphtha time spreads widened to $8$/ton from $5/ton a week earlier with uncertainty around naphtha flows following the EU ban.
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