Bloomberg: Asian offshore diesel shipments to Europe hit five-month peak
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The delivery of five vessels with a capacity of about 3 million barrels of diesel from Asia to Europe is scheduled for August, the Bloomberg with reference to Vortexa data. As a result, the volume of diesel deliveries may reach a maximum in five months. This is happening against the backdrop of rising energy prices and energy security concerns in the EU.
As Bloomberg explains, the increase in diesel fuel flows to Europe from Asia was due to increased fuel prices in the center of Amsterdam, Rotterdam and Antwerp (ARA) against the backdrop of the Asian market. At the same time, a seasonal decline in demand in India and a recession in the Chinese economy have created an oversupply of diesel in the Asian market. Also, the risks of stopping energy supplies from Russia increase the interest in Asian diesel in the EU.
Analysts expect Asian refineries to produce 215,000 barrels of diesel per day more than the region needs. As a result, the supply of diesel fuel from Asia to Europe will increase in the third quarter of 2022. In addition, deliveries from the Middle East to Europe will increase.
Earlier, Eurostat reported that as a result, energy inflation rose to 41.1%, which was a record since the start of observations in 1997. Gas prices in the EU rose by 51.4% year-on-year, in the liquid fuel sub-category (gasoline, diesel, etc.) – 45.2%.
More details – in the material “Kommersant” “The rise in prices for energy carriers and electricity in Europe breaks records”.
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