The global fuel market is facing significant pressures due to a series of incidents and geopolitical tensions. Futures in New York have risen to their highest since September, driven by drone attacks on Russian refineries, which have added to global supply risks. This has led to a spike in gasoline and diesel prices in Russia, with damaged refining capacity being a key factor. Amid these unplanned refinery outages, Russian oil loadings from its western ports have been revised up to 2.22 million barrels per day (BPD), a 13% increase from initial forecasts. The limited refining capacity and low product inventories have created a volatile global refining market, as minor outages can significantly impact fuel prices, according to Gunvor's head of research speaking at the CERAWeek by S&P Global conference in Houston, Texas. In response to these challenges, Russia aims to increase the production of petroleum products and improve fuel logistics, with Energy Minister Shulginov highlighting the potential for increased fuel production at refineries where output wasn't halted. Despite the incidents, Shulginov assured that refining volume forecasts remain unchanged and are close to last year's levels, ensuring full fuel supply before the sowing season. Additionally, the Red Sea crisis has led to a global tanker shortage, further complicating the situation. The disruption to tanker movements in the Red Sea has increased the number of miles traveled by vessels by about 3%, adding approximately 100,000 barrels per day of fuel demand to accommodate the longer routes.
Red Sea crisis adds 100,000 bpd to global fuel demand - Vitol CEO https://t.co/II1Pjfo080 https://t.co/jd7FTBLXx2
Red Sea crisis adds 100,000 bpd to global fuel demand - Vitol CEO @staunovo
#CERAWeek Red Sea crisis adds 100,000 bpd to global fuel demand - Vitol CEO #oott https://t.co/SIwPzI3I8c
Vitol’s Hardy said the disruption to tanker movements in the #RedSea has added about 3% to the number of miles traveled by vessels, adding about 100,000 barrels per day of fuel demand to go the longer routes. #oott https://t.co/lDhKSM5ATb
Red Sea crisis could lead to global tanker shortage, Kuwait Petroleum CEO says https://t.co/btg4wjoaQh
Russian refineries may boost production — Energy Minister #oott https://t.co/H2LiL2ua5F
#Russia considering maintenance changes at refineries #oott https://t.co/3OkxJRIoXw
#Russia can fully supply market with fuel before sowing season #oott https://t.co/1aABDuiFGJ
đź”´ RUSSIA'S ENERGY MINISTER SHULGINOV: THERE'S POTENTIAL FOR INCREASE OF FUEL PRODUCTION AT REFINERIES WHERE OUTPUT WASN'T HALTED - TASS.
RUSSIA'S ENERGY MINISTER SHULGINOV: THERE'S POTENTIAL FOR INCREASE OF FUEL PRODUCTION AT REFINERIES WHERE OUTPUT WASN'T HALTED || SHULGINOV: WE'RE DISCUSSING PLANNED MAINTENANCE SCHEDULE TWEAKS FOR REFINERIES DUE TO INCIDENTS AT SOME OF THEM - TASS
đź”´ RUSSIA'S ENERGY MINISTER SHULGINOV: REFINING VOLUME FORECASTS ARE UNCHANGED AT A LEVEL CLOSE TO LAST YEAR'S - TASS.
#Russia aims to increase the production of petroleum products and improve fuel logistics after the recent incidents at refineries- Energy Minister Shulginov #oott
Limited refining capacity and low product inventories have created a volatile global refining market where minor outages can spike fuel prices, Gunvor's head of research said today at the CERAWeek by S&P Global conference in Houston, Texas. #oott https://t.co/eKHRtjDFtt
Russian oil exports from its western ports revised up 13% amid refinery outages, sources say #oott https://t.co/EFAI8t2zXD
RUSSIAN OIL LOADING PLAN FROM ITS WESTERN PORTS SEEN 13% HIGHER FROM THE INITIAL VERSION, SOURCES SAY
RUSSIAN OIL LOADINGS FROM ITS WESTERN PORTS REVISED UP AGAIN TO 2.22 MLN BPD AMID UNPLANNED REFINERY OUTAGES, SOURCES SAY
Damaged refining capacity drives up #Russia's gasoline, diesel prices #oott https://t.co/37sDcmP7A2
Gasoline’s Red-Hot Rally Signals Summer Pump Price Spike Futures in New York rose to the highest since September Drone attacks on Russia refineries adds to global supply risks #oott https://t.co/y5Akyi74On