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US Boosts Distillates Exports To Europe, Loses Market Share In Brazil

OIL PRODUCTS

US diesel and gasoil exports to Europe rose to around 290kbpd in May, the highest level since August 2019, as Europe replaced missing Russian imports with US products, while Brazil has been replacing US products with Russian origin, Kpler data showed.

  • While Europe has ramped up distillates imports from the US, Brazil has replaced some of its US imports with Russian origin amid cheaper prices. Russian diesel arrives in Brazil at a 20-30% discount compared to other origins, the head of the Brazilian Association of Fuel Importers (Abicom) said.
  • “This is both a pull to Europe, which needs supply, as much as a push away from Brazil, where it is harder to compete on price,” said a distillate trader.
  • US distillates exports to Brazil fell to 21kbpd in May, Refintiv data showed, compared with 44kbpd in March, an eight-year low, latest US Official Government Data showed.
  • At the same time Brazil ramped up distillates imports from Russia that rose to 138kbpd in May and are expected to rise to 184kbpd in June according to Kpler.
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