A fleet of ships carrying diesel, one of the world’s most important fuels, is heading for European markets facing energy\u002Dsecurity threats from high…
Five ships transporting close to 3 million barrels are poised to move from Asia to Europe so far in August, preliminary data from Vortexa show. That’s the most in five months on a barrel-per-day basis. Shipments from the Middle East to Europe are also set to expand.
Europe has been struggling with a historic drought that’s causing a plunge in water levels on the Rhine River. The waterway that links oil tanks in the ARA hub to consumers in inland Europe is currently impassable to most barges, creating a supply bottleneck that could prompt drawdowns in their stockpiles that will need to be replenished ahead of winter.
Gas-to-oil switching is forecast to surge this year, with the International Energy Agency boosting its forecast for global oil demand growth by 380,000 barrels daily on the expectation that industry and power generators will switch fuels. The extra demand that prompted the revision is “overwhelmingly concentrated” in the Middle East and Europe, the agency said. Its bullish view was echoed by Goldman Sachs Group Inc.
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