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Primorsk diesel moves to Cape Town in a rare flow

London — A Long Range 1 tanker of diesel was making its way to Cape Town, SouthAfrica, from Primorsk, Russia, in a very unusual flow as a long Europeandiesel market means many of the CIF shorts have been covered.

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The 73,815 dwt Amalia loaded around 60,000 mt of ultra low sulfur dieselon January 19 and was slated to discharge into Cape Town on February 14,according to data from cFlow, S&P Global Platts trade flow software.

The move is unusual in that South Africa is ordinarily supplied withdiesel from the Persian Gulf, the same suppliers who send material toNorthwest Europe.

However, the move left some sources flummoxed as to its viability.

"Considering all the LRs from [the Persian Gulf] we see, I do not reallyget it. It should work better from there," a source said.

The European diesel market has been long, with high exports from both theBaltic and Persian Gulf pressuring differentials at a time when demand wasseasonally weak.

"CIF locations have less demand in January. That is normal, but it hasbeen supplied by larger vessels from the AG which has backed out the Russianstuff," a source said.

--George Shaw, george.shaw@spglobal.com

--Edited by Dan Lalor, daniel.lalor@spglobal.com