The volume of gasoline and diesel import increased by 8.2% y/y in 5M24 and reached 460 tons, equivalent to US$ 379mn. Average import price grew by 13.6% over the same period- Galt&Taggart review reads.
In June 2024, brent oil price was up 5.9% m/m. Fears of a wider Middle East conflict turned some traders bullish. Per Israeli officials, ground operation in Rafah (city in Gaza) is nearing its end. Hezbollah and Israeli troops have been exchanging fire since the start of the conflict, but the full-blown war will be a new escalation of Middle Eastern situation. The effect on oil price is still relatively limited as neither party is a crucial supplier of oil. However, if the war widens and drags Iran into it, the effect will be much larger.
Along with the geopolitical risks, potential cataclysmic events inflate prices. Hurricane season of North America made its unusually early appearance in June with Hurricane Beryl being the earliest Category 5 Atlantic hurricane on record. They usually start later in the summer when the ocean temperature increases, but due to record-breaking heat, the season has already begun, with more major hurricanes expected to follow. This may disrupt the production and refinery operations along the continent’s eastern shore, especially the Gulf of Mexico – basin of oil production.
