Europe: Cyclone in India Sparks Diesel Panic in EU

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Cyclone Biparjoy sparked panic in Europe’s diesel market some 4,000 miles away from the storm. India’s Reliance has declared force majeure on both crude imports and product exports from its 1.36 million barrels per day Jamnagar refinery on the west coast of India, cutting off now vital flows of ultra-low-sulfur diesel (ULSD) to Europe for at least a week, probably much longer. India has emerged as one of the region’s biggest ULSD suppliers, alongside Saudi Arabia, the United Arab Emirates and the US since Brussels banned fuel imports from Russia back in February. It has accounted for up to a quarter of Europe's heavyweight diesel imports in recent months.

Diesel/Gasoil, Gasoline, Oil Spot Markets
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