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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
US diesel export loadings to Europe have surged to record highs in July as the trade arbitrage for USGC diesel to Europe remained robust, Platts said.
- Loadings totalled 517k b/d so far in July, compared to 33k b/d in June and the highest level since July 2018.
- Easing freight rates and falling Saudi exports have contributed to the rise in loadings. Saudi exports are down to 66k b/d in July, compared to 300k b/d in May.
- Europe’s reliance on US diesel has risen since Russia’s invasion of Ukraine in Feb. 2022 and subsequent sanctions. Prior to the war, around 40% of Europe’s diesel was Russian origin.
- US diesel is now around 38% of Europe’s total imports of 1.37m b/d.
- Flows to Europe come as USGC refineries ramp up production and crack spreads remain strong.
- Yet, European demand looks tepid amid weak Eurozone manufacturing data.
Source: S&P Global Commodity Insights
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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