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Tidbits, Kevin Duling's Comments, Brazil, Rain Days Update 12/10/23

Highlights


247AG, a market consulting firm based in Omaha, reported last evening:

"Brazil is still looking drier and hotter as time marches on. Scattered showers across Brazil this afternoon. Nice to see the lack of rain across Rio Grande do Sul."

 

The United States’ diesel exports to Europe this month will increase sharply as Europe tries to wean itself off Russian fuels. Europe’s demand for diesel is estimated to increase this month to 290,000 barrels per day according to Kpler, a global trade intelligence firm.

 

The Panama Canal bottleneck created a need for US exports of diesel to go elsewhere rather than much of Latin America and Asia. Europe, trying to wean itself off Russian fuel products, will buy a lot of US diesel this month and all winter. December will be Europe’s largest monthly diesel and gasoil imports since July of 2018. We cannot find any prediction whether US diesel exports will be more than normal this month, but the attitude is bullish diesel prices.

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