Russian diesel loadings

destined for the Amsterdam-Rotterdam-Antwerp storage region rose to 215,000 barrels per day from Nov. 1 to Nov. 12, up by 126% from October, according to energy analytics firm Vortexa, as European traders rush to fill tanks in the region before an EU ban begins on Feb. 5, which will follow a ban on Russian crude taking effect on Dec. 5.

^{via Bloomberg}

• On a related note: Russia has already lost more than 90% of its market in the EU’s northern countries, shipping just 95,000 barrels a day to Rotterdam in the four weeks to Nov. 18, down from more than 1.2 million barrels a day sent to the region’s ports each day in early February. Lithuania, France and Germany halted such imports several months ago, while Poland followed suit in September.
• Meanwhile: Goldman Sachs lowered its oil price forecast by $10 to $100 per barrel for Q4, citing rising Covid concerns in China and lack of clarity over G7’s plan to cap Russian oil prices.