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Diesel Demand In Europe
The United States is on track to ship more diesel to Europe this month, with Europe’s diesel imports from Asia and the Middle East falling so far this month.
While Europe’s desire to wean itself completely off Russian fuel supplies, Europe’s appetite for imported diesel and gasoil hasn’t diminished. In fact, it is estimated that it will increase this month to 290,000 bpd. This is the highest level of diesel and gasoil imports since July of 2018.
U.S. Gulf Coast exports of diesel spiked as soon as refinery maintenance season was complete. But Panama Canal bottlenecks created a chokepoint for US exports of diesel to Latin America—opening the door for exports to Europe, who has been on the lookout for additional supplies.
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