MNI BRIEF: Japan Nov Sentiment, Outlook Indexes Rise

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI BRIEF: PBOC Increases Gold Reserves

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US February Diesel Exports to Europe Fell on Refinery Works

OIL PRODUCTS

European imports of US diesel so far this month declined to 6.65mn barrels, down from11.44mn barrels, Kpler data showed, weighed on by lower US refining activity amid refinery outages and disruptions to global trade in recent weeks.

  • "European diesel appears to be the key at-risk product due to rerouting, supply availability, and distorted arbs," Macquarie analysts said in a note this month.
  • The decline in US diesel exports was because of seasonal maintenance at refineries, prolonged outages due to freeze-offs mid-January as well as the outage of the 435kbpd Whiting, Indiana refinery, that is scheduled to fully restart in March.
  • US refinery utilization rates have fallen from near 93% at the start of the year to 80.6% this month, the lowest rate since December 2022, according to government data.
  • With European refineries set to undergo their own turnarounds in March and April, European diesel prices are poised to rise further and that could help revitalize flows of US-made diesel to Europe, Kpler analyst Matt Smith said.
  • US refining capacity was expected to increase by 431kbpd in the week to 23 February, cutting offline capacity to 1.8 million bpd, IIR Energy said in a note late last week.
  • The latest slump in US diesel prices and the increase in the European equivalent have reopened arbitrage for US diesel from the USGC to Europe for March and April arrivals, Sparta analyst James Noel-Beswick said.
Energy BulletsCEEMEAHomepageBulletCommodities
Energy BulletsCEEMEAHomepageBulletCommodities

To read the full story

Close

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.