Saudi Arabian diesel exports up to the record, with Aramco Active Traders
Saudi Arabia’s diesel exports for July recorded the highest record, with Saudi Aramco offering the first cargo fuel at the northwest European Platts Market in the assessment process near July 28.
Aramco Trading offers 27,000 MT Diesel Specifications of British Summer to Thames for Delivery for 7-11 August during the MOC of European Europe, according to data collected by Platts, part of the S&P Global Commodity Insights.
Aramco has become increasingly active in the MOC since March, when it starts regularly offering cargo to the Mediterranean Market, often at a cheaper price than other traders. In recent weeks, Aramco has become one of the suppliers who participated in the assessment process.
Saudi Arabian diesel exports averaged 611,000 w/d this month – the most since at least April 2017, and up from 494,000 B/D in June – according to the KPler. The height of the previous time was 588,000 B/D in June 2023. In July, Aramco had sold 255,000 B/D, up from 191,000 B/D in June, and approached the highest of all time 274,000 B/D was set in April.
Aramco did not immediately respond to a comment request.
Diesel and Gasoil inventory in the Amsterdam-Rotterdam-Antwerp hub dropped to the lowest 18 months 1,752 million MT on July 24, down 12% from the previous year, according to Global Insights data. The Difference between ULSD Mediterranean CIF cargo for Ice LSGo Futures jumped to $ 57/MT on July 10, the highest since November 2022, only two days after reaching a minus of $ 15.75/MT on July 8. On July 28, it was $ 10.75/MT.
Platts considered the Diesel Mediterranean CIF cargo on $ 719.50/MT on July 28, after reaching $ 826/MT on June 19, matching the highest level since April 2024.
“Med is still not provided properly; we do not have enough supply from the local market because domestic demand is performing,” said a Mediterranean diesel trader. “So now everything depends on the arbitration cargo [that] should come in August, and now we are [will] See what happened to them. “
Aramco offer July 28 helps suppress the differential cargo of ULSD European northwestern ULSD to Futures LSGO of $ 1.75/MT from the previous session to $ 22.25/MT, according to platts data.
Traders said the announcement of EU July 18 which prohibited imports of processed products made from Russian crude oil could exclude short supply only about the corner of the seasonal pickup in demand in winter.
“Finally, it will have an impact on European inflation,” said an European diesel trader.
Source: Platts
