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OIL
An increase in DPP exports from the Middle East is pushing the EoS market share to new highs according to Kpler.
- The structural decline in exports from Europe combined with increases from the Middle East are primary factors driving a shift in flows.
- DPP exports from the EoS are closing the gap on WoS flows, pulling more of the Aframax fleet East. The number operating EoS has increased the highest count in over two years at 125.
- Middle East DPP exports reached a four-year high of 885kbd in August as EoS DPP flows rose to 2.9mbpd. WoS flows hit their lowest since 2017 at 3.1mbpd.
- This trend is expected to continue as Middle East fuel oil exports pick up following the summer's post-peak cooling season. Al Zour's anticipated increase in VLSFO exports is likely to add to the momentum.
Source: Kpler
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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