India on track to export record-low diesel to Europe in Jan as Red Sea risks weigh
James Noel-Beswick, Analyst at Sparta said that high freight rates were hindering the opening of an arbitrage from the U.S. Gulf Coast to Europe, an important route for supplying Europe after Asia Pacific and the Middle East. “The gains witnessed in ICE GO (gasoil) cracks and spreads show resilience and are poised to continue their rise, at least in the short term,” Sparta said.
Reuters, January 30, 2024 – Analysts at Sparta indicated that high freight rates are preventing the opening of arbitrage from the U.S. Gulf Coast to Europe, a vital supply route for the continent, especially as disruptions in the Red Sea coincide with the global refining maintenance season. They also noted that the resilience shown in ICE gasoil cracks and spreads suggests that these trends are likely to continue in the short term.
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