Asia sends a flotilla of diesel ships to save Europe

As the oil crisis worsens, the continent will receive three million barrels of the fuel in August.

According to statistics monitored by energy analytics company Vortex, Bloomberg reported on Thursday that the number of diesel shipments from Asia to Europe is expected to increase in August to their highest level in five months.

Five tanker ships carrying up to three million barrels of diesel are expected to travel from Asia to Europe this month, according to preliminary data. Additionally, it is anticipated that supplies from the Middle East to Europe will rise.

With natural gas prices skyrocketing, China's economy slowing, Russian supply problems brought on by sanctions relating to Ukraine, and technical difficulties, Europe is rushing to import fuel.

Due to the possibility of a Russian gas shortage or interruption and serious worries regarding energy security, Vortex anticipates that European countries will continue to stockpile diesel. In contrast to the 18% increase in oil prices since the beginning of the year, the benchmark price for natural gas in Europe has nearly tripled in 2022.

For the first time since March, the price of natural gas futures on the TTF hub in the Netherlands soared on Tuesday beyond $2,600 per thousand cubic meters, which is around 13% higher than the price from the day before.

A strategy to fight the energy crisis by lowering usage across the union by 15% over the coming months was endorsed by the EU Council earlier this month.

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