Hormuz block may help Indian refiners

• Disruptions in jet fuel and diesel shipping to Europe via Hormuz Strait present a potential opportunity for India’s refiners, especially for aviation turbine fuel.
• Kpler data shows that only a fraction of India’s refined exports pass through the Strait, opening up deals with regional redistribution hubs like UAE and Singapore.
• Disruptions could affect supply of jet fuel to Europe, potentially leading to better prices for Indian refiners.
• The Iran-Israel conflict has altered the refined products landscape, with global gasoil cracks rising.
• Northwest Europe, which sources 24% of its gasoil imports from the Middle East Gulf, is particularly vulnerable to Hormuz Strait disruptions.