(Bloomberg) -- Russian refined fuel exports rebounded to a nine-month high in the first half of November, with a ramp-up in refining activity as seasonal maintenance winds down.
Oil product shipments averaged 2.33 million barrels a day in the first 15 days of this month, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. That’s about 409,000 barrels, or 21%, higher than the average flows for the same period in October. Daily average volumes so far this month have been the highest since February.
Russian oil flows are being closely watched by the market to estimate the nation’s production since Moscow stopped releasing official output data. Seaborne crude exports fell to the lowest since September on a four-week average basis, while the crude-processing rate jumped in the second week of November to the highest since late August.
Elevated fuel exports have been led by a rebound in diesel and naphtha shipments.
Here’s a breakdown of shipments from Russian ports for Nov. 1-15:
Diesel and gasoil exports jumped 23% from the previous monthly average to about 875,000 barrels a day, the most since July. The bulk of the incremental barrels are headed toward Turkey and Asia.
Naphtha shipments have increased by 50% from the previous monthly average to about 524,000 barrels a day, the highest since March 2023. While Asia remains the top destination, more cargoes are also heading to Brazil and the UAE this month.
Fuel oil exports also gained to 711,000 barrels a day. Exports of refinery feedstocks like vacuum gasoil advanced 9% to 192,000 barrels a day.
Gasoline and blending component exports recovered to about 7,200 barrels a day. The Russian energy ministry has proposed to lift the ban on gasoline exports from December. Jet fuel shipments tumbled to 17,200 barrels a day.
Cargo volumes and destinations are likely to be revised if more port data or vessel information becomes available.
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