Despite recent signs of weaker diesel demand and economic headwinds, diesel and other crude product supply in Europe is set to tighten in the coming weeks amid higher than normal refinery maintenance and unplanned outages at refineries, such as the ongoing French strike that has taken 60% of France’s refining capacity offline. The expected tightening of the diesel market in Europe will come just as the EU prepares to ban the import of Russian refined petroleum products by sea as of February 2023. The benchmark diesel profit margins in Europe rose this week to the highest in two weeks, per Reuters’ estimates, while analysts and traders told Reuters that diesel prices are set to jump amid a tightening market. In October, major refineries across Europe will undergo planned maintenance, bringing a total of 1.5 million barrels per day (bpd) capacity offline, according to estimates from Energy Aspects cited by […]

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