💰 Europe rushes to fill up on Russian diesel before ban begins

TL;DR

LONDON, Nov 21 (Reuters) - European traders are rushing to fill tanks in the region with Russian diesel before an EU ban begins in February, as alternative sources remain limited.Russian diesel loadings destined for the Amsterdam-Rotterdam-Antwerp (ARA) storage region rose to 215,000 bpd from Nov. 1 to Nov. 12, up by 126% from October, Pamela Munger, senior market analyst at energy analytics firm Vortexa, said."The EU will have to secure around 500-600 kb/d of diesel to replace the Russian volumes, replacements will come from the US as well as east of Suez, primarily the Middle East and India," Eugene Lindell, refining and products market analyst at FGE, said.From Nov. 30, traders must prove to ICE that no Russian product has entered any tanks in the wider ARA region - including Flushing and Ghent - that will be used for January delivery through the ICE futures contract.Some market players expect little impact from the ICE move given low storage levels in the ARA for both Russian and non-Russian gasoil as well as declining delivered volumes."

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