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Russia’s Fuel Export Ban Could Boost US Refiners

OIL PRODUCTS

Russia’s ban on diesel and gasoline exports could last slightly over one month and may offer and upside for US refiners, according to TD Cowen’s equity research group.

  • "Russia announced an immediate ban on its 1.4MM bpd gasoline and diesel exports with no end date," it says in a research note. "We estimate it could take 34 days for storage capacity to fill, which could be the ban's duration."
  • "The ban should support cracks in an already tight market and provide upside to 4Q23 EPS revisions for US refiners,” the note added.
  • According to TD Cowen, China is the only country that could add diesel and gasoline products to the market to replace some of the lost supply.
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