European traders are rushing to stock up on Russian diesel before an EU ban begins in February
The European Union will ban Russian oil product imports, on which it relies heavily for its diesel, by February 5.
Russian diesel loadings destined for the Amsterdam-Rotterdam-Antwerp storage region rose to 215,000 bpd from November 1 to November 12, up by 126 percent from October, Pamela Munger, senior market analyst at energy analytics firm Vortexa, said. "The EU will have to secure around 500-600 kb/d of diesel to replace the Russian volumes, replacements will come from the US as well as east of Suez, primarily the Middle East and India," Eugene Lindell, refining and products market analyst at FGE, said.
From Nov. 30, traders must prove to ICE that no Russian product has entered any tanks in the wider ARA region - including Flushing and Ghent - that will be used for January delivery through the ICE futures contract.
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