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After sanctions on Russia in the aftermath of the invasion of Ukraine, Brazil started sourcing 78% of its imports from Russia. But in mid-September, Russia announced a ban on refined product exports to ease its own domestic fuel prices. It quickly changed course, however, partially lifting the ban in early October to free up storage for winter grade diesel and to offload remaining summer product. Now, the Brazilian market must decide whether to trust Russia as a steady source of fuel or to to return to the more reliable US Gulf Coast for diesel supply.

S&P Global Commodity Insights' light ends pricing manager Sarah Hernandez, middle distillates manager Jordan Daniel, and Latin America refined products reporter Maria Jimenez Moya discuss how Russia lifting its diesel ban is affecting trade flows in Brazil.

Links:
(NEW) AULDA00 - ULSD DAP South Brazil (All-Origin) $/bbl
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Is Russian supply "to be, or not to be" for Brazil diesel markets?

Oil Markets

Is Russian supply "to be, or not to be" for Brazil diesel markets?