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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
Latest figures on Russian diesel movements by Vortexa indicate how much the latest Russian export ban announced earlier today could bite for European markets.
- Turkish diesel imports were less that 300kbd at the start of the year, reaching just over 500kbd in July – supported by extra Russian barrels. A significant portion of this was then re-exported to Europe.
- Turkish diesel imports were well above the seven-year average as part of the influx of Russian barrels.
- Russian diesel comprises 80% or Turkey’s diesel imports post Ukraine invasion.
- The knock on impact is that imports of ‘Turkish diesel’ have increased sharply in recent months into countries like Italy, Spain, Cyprus and other west Med nations according to Vortexa as the Russian volumes are re-exported.
- These recent higher rates of shipments in 'Turkish diesel' have also caused cross-Med freight rates to surge to 4-month highs.
- Length of Russian export ban is currently unclear and supporting cracks substantially Thursday.
- Brazil has also been another significant importer of Russian diesel along with North Africa and Middle East after European import ban Feb 5.
- Gasoil OCT 23 up 4.5% at 1007.25$/mt
- Gasoil OCT 23-NOV 23 up 6.5$/mt at 35.25$/mt
- Gasoil NOV 23-DEC 23 up 8.5$/mt at 38.5$/mt
- Latest headline on topic: Novak to Meet Oil Companies Friday to Discuss Fuel Market: IFX
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.
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