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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
Increasing refinery capacity in the Latam region and growing competition from Russia could squeeze US exports to the region in 2024, according to Platts.
- Russia has been displacing some US imports, primarily into Brazil. The slashing of Brazil’s diesel price also closed the arb from the USGC, giving Russian barrels the edge.
- Refiners in Latam have also been performing at record highs. Brazil and Chile’s throughputs have been above the five-year average levels, with Colombian throughput also picking up. Mexico’s throughput will likely rise with the planned start-up of the 340k b/d Dos Bocas refinery.
- Only around 56k b/d of additional refinery capacity will come online in the region in 2024, but the move from US reliance will be more apparent in 2025, where an addition of 937k b/d is expected.
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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