Russian Fuel Flows Surge to 1-Year High Despite Refinery Attacks

(Bloomberg) — Russian oil products exports remain resilient with volumes climbing last month to the highest in a year, despite repeated drone strikes against the country’s refining operations.

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Seaborne exports jumped to 2.5 million barrels a day in February, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. Observed volumes rose from previous estimates as a rush of shipments late in the month fueled an overall 7% gain from January levels. That lifted average monthly exports to a one-year high.

Refined fuel flows show few signs of strain even amid almost daily drone strikes launched by Ukraine on Russian refineries. Increased shipments of diesel and naphtha more than offset lackluster flows of fuel oil and refinery feedstocks. Exports gained even as refining rates slumped in February to the lowest in four months.

Monitoring seaborne exports is one way for the market to assess Russia’s oil production and any sanctions-related impact on trade activity, given the lack of any official data from Moscow. Crude oil exports rose in the latest data even as deliveries are snarled, with India and some Chinese ports refusing to accept cargoes transported on sanctioned tankers.

Here’s a breakdown of shipments from Russian ports for February:

Diesel and gasoil exports climbed by 2% from January levels to about 1.17m barrels a day, the highest since March 2023. Exports to Africa eased last month, while flows to Asia saw an uptick.

Naphtha shipments surged by 47% from the previous month to 522,000 barrels a day, also the highest since March 2023. Shipments from the Baltic ports reached a multiyear high last month.

Fuel oil flows were 683,000 barrels a day, almost unchanged from the previous month when volumes dropped to a 3-month low. Exports of refinery feedstocks like vacuum gasoil almost halved from the previous month to just 37,000 barrels a day.

Gasoline and blending component exports rose to 76,000 barrels a day. Jet fuel cargoes dropped to 12,000 barrels a day.

Cargo volumes and destinations are likely to be revised as more information becomes available.

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