Free Trial
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.
OIL PRODUCTS
Latin America has pulled in higher volumes of Russian diesel since March (mainly Brazil), driven by sanctioned barrels diverting away from Europe.
- The vessels which unload these Russian diesel imports mostly discharge in Latin America and ballast back to Europe and the Baltics according to Vortexa.
- Pre-sanctions, these types of voyages would typically load a cargo in the US Gulf to bring back across the Atlantic rather than return empty.
- Russian diesel exports are falling on the back of high levels of domestic refinery maintenance. It has already been observed - declining from the March peaks, 7% m-o-m in April with further declines in May according to Vortexa.
- Russian domestic demand for diesel also typically gains at this time of year for agriculture and transportation.
- This may open up US Gulf suppliers to regain market share into Latin America which is being lost to Russian discounted barrels since around March.
source: Vortexa
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok