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Middle East tensions rise on Yemen strikes, Iranian tanker seizure

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Published12 JAN 24 - 11:12 Reading time  minutes

Currently, European gasoil stocks are at historic lows, ending 2023 at around 13mn barrels, roughly 3mn barrels below the five-year average. “Any impediment to tankers going through the Red Sea could see European distillate prices spike again,” said James Noel-Beswick, Middle Distillate Commodity Owner at Sparta. “We have already seen the gasoil east/west arbitrage widen despite low stocks in Singapore.”

MEES, January 12, 2024 – James Noel-Beswick, Middle Distillate Commodity Owner at Sparta, warned that any disruption to tankers passing through the Red Sea could lead to another spike in European distillate prices, especially since the gasoil east/west arbitrage has widened despite low stocks in Singapore.

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