Higher European diesel stocks are expected at the end of March compared to previous estimates according to Wood Mackenzie. Lower demand due to the mild winter weather and strong imports from Middle East and the US Gulf coast have boosted supplies.

• Diesel inventories in northwest Europe are expected at the lowest since November at just under 214mbbls in March but better than the previous estimate for a record-low.
• Stocks in February and March are expected to decrease after the start of the EU ban on seaborne products from Russia on 5 Feb.
• EU diesel imports from Russia were the highest since July at 670kbpd in December according to Vortexa data.
• Higher than expected Chinese export quotas will also help European imports.