Tide of diesel from the East imperils Europe's rally [Reuters]
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Source: Reuters
Tide of diesel from the East imperils Europe's rally | Reuters Reuters Staff 3 Min Read * Imports from Asia, Mideast to hit 450,000 bpd in Nov - traders * At same time, U.S., Russia to increase deliveries * Net long speculative positions near record high By Ron Bousso LONDON, Oct 24 (Reuters) - A recent rally in European diesel prices could be jeopardised by rising inventories in November as a raft of tankers sets sail from the East, reversing two months of stock declines following Hurricane Harvey. Up to 450,000 barrels per day (bpd) of diesel, or some 1.8 million tonnes, are set to reach Europe and the Mediterranean in November from Asia and the Middle East, according to Reuters shipping data and traders. That would mark a 50 percent increase from recent months. Those include the very large crude carrier Coshonour Lake, which was heading from Singapore to Europe on its maiden voyage with a cargo of 2 million barrels of diesel. The cargo, expected to reach Gibraltar on Nov. 26, was i
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