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Russian Diesel to Europe at Big Discount Ahead of EU Ban

OIL PRODUCTS

Russian ULSD for delivery into Europe was trading at a 130$/mt discount to other origins on Monday ahead of the EU ban according to Energy Intelligence.

  • Current Russian ULSD prices net back to around a 39$/bbl premium to the G7’s current crude price cap.
  • Shipping sources put the cost of transporting Russian fuel from Primorsk to Europe at 95$/ton despite the short distance.
  • Higher tanker rates could also increase costs further. Mideast-to-Europe tanker rates are close to a three year high at 60$/ton and are expected to at least double this year.
  • Russia still supplies Europe with half of its imports of diesel at around 500kbpd although Europe has started sourcing increased shipments from US, India, Saudi Arabia, the United Arab Emirates and China.
  • EU Energy Commissioner Kadri Simson said that Europe was prepared ahead of the ban with strategic products reserves covering 60 days.
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