Fuel oil loadings from Russia's Novorossiisk seen at 180,000 mt in July
11th July 2022 16:08 GMT

Fuel oil exports from the Russian Black Sea port of Novorossiisk will consist of two cargoes in July, totaling 180,000 mt, according to a copy of the loading program seen by S&P Global Commodity Insights July 11.  

This is down 35,000 mt from the 215,000 mt that loaded from the port in June.

A 100,000 mt cargo loaded over July 6-7 and July 9-10 and an 80,000 mt cargo is scheduled to load over July 23-24.

The fuel oil is supplied from Russia's Ilsky refinery, owned by KNGK-INPZ.

The drop in loadings out of the Black Sea follows news of a well-supplied high sulfur fuel oil market across Northwest Europe, with traders noting increased availability of Russian-origin material in the market.

“In Northwest Europe it is difficult to know what material is Russian and what is non-Russian,” said one fuel oil trader.

This follows reports of increased premiums for non-Russian HSFO against its Russian counterpart, with traders noting tightness in supply of non-Russian material.

“Demand patterns have changed because many people are unable to buy Russian-origin material anymore,” a second source said.

Bunkerworld ,
11th July 2022 16:08 GMT