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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.
REFINING
Primary crude processing from oil refiners in Russia fell by 173kbpd to the lowest since May to average 5.38mbpd from 1-27 Sep according to Bloomberg sources. The fall is driven by seasonal refinery maintenance which is expected to peak in mid-October.
- Weekly data showed an increase in refinery throughput by about 78kbpd in the week to 27 Sep compared to the previous week due to increased runs at Lukoil refinery in Nizhny Novgorod.
- Last month Russia temporarily banned exports of gasoline and diesel from 21 September to cope with a domestic shortage, but later lifted restrictions on bunker fuel and high sulphur gasoil. No timeline has been given to the ban with Energy Minister Nikolai Shulginov last week stating the ban will remain in place until the domestic market has stabilized.
- If the restrictions are not lifted within the next several weeks there could be an overstocking of domestic fuel storage adding further downward pressure to refinery throughout according to Bloomberg.
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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