Low diesel inventories and high cracks spreads should attract global diesel to Europe (12/13/2023)

As Europe heads into its first winter after banning petroleum product imports from Russia, diesel imports from alternative trade partners look likely to keep the region relatively well supplied. Despite recent supply disruptions from refinery outages in the Middle East and India, the conclusion of maintenance and addition of refining capacity should sustain diesel imports into Northwest Europe. Nevertheless, low diesel stocks and lengthier shipping routes from alternative suppliers are likely to keep diesel crack spreads in Europe high during the winter. …As Europe heads into its first winter after banning petroleum product imports from Russia, diesel imports from alternative trade partners look likely to keep the region relatively well supplied. Despite recent supply disruptions from refinery outages in the Middle East and India, the conclusion of maintenance and addition of refining capacity should sustain diesel imports into Northwest Europe. Nevertheless, low diesel stocks and lengthier shipping routes from alternative suppliers are likely to keep diesel crack spreads in Europe high during the winter. …  Read More