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Platts Jet Fuel

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More jet fuel MRs offered in NWE on oversupply in Med market

London (Platts)--21Dec2017/735 am EST/1235 GMT


Oversupply of jet fuel in the Mediterranean has resulted in more medium-range vessels being offered in the NWE market, sources said this week. Healthy refining margins have prompted producers in the Med to maximise jet fuel production, resulting in sell tenders in an out-of-season market.

The culmination of over-supply and low buying interest has had smaller vessels, typically destined for Mediterranean homes, seeking alternative discharge options in the north.

A handful of MRs are currently making their way to Northwest Europe from East of Suez, a route more usually populated by larger long-range vessels.

These MRs include Bright Fortune, a 48,008 DWT vessel loaded in Rabigh and destined for Le Havre, offered in Platts Market on Close assessment process by Mercuria over the past two sessions.

Also offered in the MOC is the Maersk Tampa, a 49,990 DWT vessel loaded in Yanbu and offered by Litasco, due to land in NWE in the first week of January.

"The Med is long. That's where they [MRs] would usually end up. But with refineries running max jet mode [there's] enough local supply" a source said, adding that cargoes were moving north because "[it's the] only market that claims to be strong right now".

--Caroline Knight, caroline.knight@spglobal.com
--Edited by Jeremy Lovell, jeremy.lovell@spglobal.com

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