EU refiners maintain operations despite natural gas prices

Crude prices rallied above 73.5 $/b at the prompt as European diesel cracks rallied in the wake of TTF prices reaching 180 EUR/MWh, which means refiners are now supporting both record CO2 and natural gas costs to maintain the diesel production. Still, November EU-16 runs were surprisingly holding, with an expansion of 4%, to 9.4 mb/d, while the distillate output reached 4.95 mb/d when Europe at large usually consumes 6.1 mb/d in a month of November, leaving the continent short of about 1 mb/d or 5 VLCC per week. Indian and Japanese refining runs were also strengthening, with November Indian runs at 5.25 mb/d and Japanese runs at 2.9 mb/d last week, indicating that the omicron demand impact is still not observed.

energyscan oil news
Share this news :

You might also read :

ES-economy
February 11, 2022

US inflation soars and the Fed panics

As has been the case for some time, US inflation figures exceeded expectations in January: 7.5% with inflation excluding energy and food at 6% yoy. We haven’t…
ES-oil
October 4, 2021

OPEC day

ICE Brent Dec-21 contracts continued to be supported ahead of the OPEC+ meeting, as refined product markets signalled strong demand for middle distillates and fuel…
ES-oil
September 1, 2021

US production could be limited for weeks

November ICE Brent futures became the front-month contract, with prices back above 72 $/b on early Wednesday. The API survey, released yesterday, reports a 4 mb…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet? 

[booked-calendar]