Company and Market Update — 21 November 2023
From our company archive. Market commentary reflects its original publication date.
Diesel exports from the Middle East to Europe hit an 11-month low in October, reaching an average of 248,000 b/d—down from 307,000 b/d in September—due to refinery disruptions and increased supplies from the US and India, according to S&P Global Commodities at Sea data. Shipments from the US to Europe rose to 115,000 b/d in October, contributing to the decline in Middle East exports. Notably, Saudi Arabia's SATORP refinery and Kuwait's Al-Zour refinery faced maintenance and unplanned incidents, limiting diesel supplies. Eleanor Budds, Director of Research and Analysis at S&P Global Commodity Insights, attributed the Middle East diesel downturn to Europe to Al-Zour and increased US volumes. Refinery maintenance in the Middle East and India further constrained regional supplies. Despite expectations of improvement in late 2023 and January 2024, year-end inventory destocking in Europe may continue, impacting diesel shipments. #drakensbergenergy #diesel #gasoil #gasoline #petrol #jeta1 #hfo http://www.spglobal.com/commodityinsights/en/market-insights/latest-news/shipping/112123-middle-east-die...