Middle Distillates; Supplies Rise, Prices Fall

Global middle distillate seaborne loadings are rising above seasonal averages as the Strait of Hormuz gradually reopens, freeing up crude and product flows, while resupply regions (Red Sea, USGC, Nigeria) post historically high volumes. However, disruptions remain from damaged Middle East Gulf refineries (Satorp, Sitra, Ruwais limiting ~800-900 kbd), reduced Russian seaborne diesel exports (lowest since 2016), and ongoing rerouting dynamics across the Atlantic Basin and Asia.