SEASONAL DEMAND TO SPIKE PRODUCT MARKET

摘要

Drewry expects that the end of spring refinery maintenance as well as the beginning of the summer driving season in the Northern Hemisphere will increase both the demand for products and margins. The slowdown in refining activity and trade in the MEG region because of Ramadan will lead product cargoes to move to Asian markets from the alternative long-haul routes, increasing tonne-mile demand. Diesel exports from the US to Europe are now gradually slowing down as European supplies are improving with refineries returning from maintenance, shutting the arbitrage window. Limited arbitrage opportunities from the US to export outlets are causing a stock build for middle distillates. Diesel exports to Latin America, however, remained firm in May.