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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.
OIL PRODUCTS
India’s state-run refiners are facing headwinds as Russian oil becomes more expensive and less accessible, according to Bloomberg.
- Disruption by Houthis in the Red Sea have pushed up freight rates, while a clamp-down on sanctions enforcement has stranded some Russian cargoes headed to India.
- This could force Indian suppliers to pull more expensive cargoes from the Middle East.
- expectations are that that they will fall across 2024. However, they will still be above pre-war levels, Bloomberg said.
- In contrast to private refiners such as Reliance, state-run refiners tend to sell products domestically and don’t benefit from higher international prices.
- Margins should hold around $10/b provided crude prices are below $90/b, according to CareEdge forecasts.
- Flows of diesel from India to Europe fell 90% in H2 Feb compared to full-month Jan at just 18k b/d, according to Vortexa.
Source: 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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