Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Hazloc Heaters
Copper Tip Energy Services
Hazloc Heaters
Copper Tip Energy


U.S. Draws Most Russian Diesel in Years as Cold Weather Descends


English Español 简体中文 हिन्दी Português
These translations are done via Google Translate
(Bloomberg) The U.S. is drawing more diesel from Russia this month than it has in at least three years as cold weather envelops the Northeast.About 1.55 million barrels of diesel is en route from Russia to the U.S. for February arrival, a record in data going back three years, according to oil-data provider Vortexa. So far that represents 22% of the nation’s diesel imports in February.

Diesel influx

The Russian cargoes are arriving as U.S. demand for the fuel stands at a three-year high. The growing proportion of Russian imports is another illustration of the nation’s critical role in supplying the world with oil. Geopolitical tensions have markets on edge as the U.S. has said it will respond with sanctions if Russia invades Ukraine, a move Russia has said it isn’t planning to make.

The U.S. East Coast is especially reliant on imported diesel because refining capacity has shrunk in recent years due to poor margins and an explosion. Diesel inventories have fallen to the lowest for this time of year since 2014. The Northeast is relying more heavily on oil-fired generators for electricity as natural gas prices have surged.

GLJ
GLJ

The other main suppliers to the U.S. are facing problems of their own – Europe is grappling with its energy shortage and refinery outages while Canada was forced to shut an east coast refinery early in the pandemic.



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE