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Market Chatter: India's Reliance Boosts Diesel Shipments to Europe, Brazil Amid Tight Supplies

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Amid record European diesel margins and depleted stockpiles, Reliance Industries significantly accelerated July fuel shipments from its Jamnagar complex to Europe and Brazil, Reuters reported Thursday citing ship-tracking data and sources.

The surge in shipments follows a spike in European diesel profit margins, which hit a record $74 a barrel on Wednesday as regional stockpiles fell to their lowest levels since 2014 and Middle East escalation disrupted Gulf exports to Europe, according to the report.

About 4-5 million barrels of industrial and transport fuel were loaded at the refiner's Jamnagar complex this month bound for Europe, the report noted.

The company did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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