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India's September-loading diesel exports to Europe hit an unprecedented high as traders cashed in on arbitrage profits to the West, although the likelihood of such volumes continuing through... -October 11, 2023 at 05:41 am EDT - MarketScreener
India's diesel exports to Europe reached a record high in September, driven by arbitrage profits and a seasonal decline in domestic demand. The surge in exports will help Europe build commercial stockpiles ahead of the winter heating season and limit price gains. However, experts predict that export volumes are unlikely to continue at the same level in October. The east-west arbitrage spread has narrowed in recent weeks, and ongoing refinery turnarounds and peak Diwali festive season demand are expected to impact export volumes.
Diesel Exports September 2023: The surge in India-origin diesel to Europe will help the continent build commercial stockpiles ahead of the winter heating season, easing supply shortage worries and limiting overall price gains.
Traders accelerate oil sales from floating storage to meet Asia demand Traders have accelerated crude oil sales from floating storage in December to meet higher demand in Asia as the region’s refineries throttled up for peak winter consumption, trade sources and analysts said. The drop in excess global stored oil and a sudden decision by world’s top exporter Saudi Arabia for extra output cuts in the next two months are expected to keep supplies snug and support prices. “Oil prices are up, and backwardation has widened in expectation of a tighter crude market,” said Serena Huang, Asia ...
* Crude stored on ships at lowest levels since April - Vortexa