Russian refineries that got hit by those Ukrainian drone strikes in H2 last year are slowly coming back online.
Even though they're still down y/y, their offline capacity is shrinking, so Russian gasoil/diesel exports have been bouncing back since the end of the year.
This is actually good news for the crude mkt since it cuts down the surplus crude being pushed into sea, but it’s gonna put some downside pressure on Atlantic diesel mkts and crack spreads.
It’s even more of a headwind considering the mild weather we’ve been seeing in the US lately.
#oott #com
