Europe: Bloated Tanks, Non-Russian Imports Keep Europe Supplied

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Bloated regional diesel tanks and a glut of alternative imports from the US and East of Suez have kept Europe well supplied with fuel since the European Union’s Feb. 5 ban on Russian product imports. Huge volumes of cheap Russian diesel were moved into European tanks ahead of the embargo, pushing working gasoil inventories in Amsterdam-Rotterdam-Antwerp (ARA) up 50% year on year to 2.3 million tons on Feb. 2, according to Insights Global. Tanks have continued to climb even after the Russia ban, nudging a two-year high of over 2.5 million tons on Feb. 16.

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