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Europe: Diesel Demand Slumps Ahead of Russia Boycott

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Demand erosion is taking a toll on European ultra-low-sulfur diesel (ULSD) values, even as the market struggles to arrange the replacement of Russian term volumes ahead of the sanctions rollout later this year. Early figures from France suggest a 5% slump in domestic diesel consumption in June compared to last year. Other countries have already seen their Covid-19 recoveries go into reverse. Regional demand fell by 250,000 barrels per day in April compared to March with gasoil down 180,000 b/d. Preliminary Energy Intelligence data suggest the fall will be steeper in May and June.

Topics:
Diesel/Gasoil, Jet Fuel, Gasoline, Oil Spot Markets, Oil Products
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