Europe Distillates-Diesel cracks dip after US stocks build

China Aviation Oil (Singapore)

27/11/2024 17:21

LONDON, Nov 27 (Reuters) - Northwest European diesel
profit margins declined to $18.30 a barrel on Wednesday after
EIA data showed a rise in U.S. inventories last week.

    * U.S. distillate stockpiles, which include diesel and
heating
oil, rose last week by 400,000 barrels to 114.7 million barrels,
versus expectations for a 100,000-barrel rise, EIA data showed.
    * Short-term gasoil demand is strong in Europe owing to
dropping
temperatures in the region, as backwardation in the gasoil
futures curve reached the steepest since April 2024, according
to LSEG senior analyst Rakesh Varma.
    * Asian diesel markets are projected to remain supported, as
regional supplies could tighten due to persistently limited
exports from China, Varma said.
    * EU and UK diesel and gasoil imports are on track to fall
to 926
bpd this month, down from 1.4 million bpd in October, Kpler data
showed.
    * Analysts expect middle distillate inventories, which
include
diesel and heating oil, to have increased by about 100,000
barrels in the week to Nov. 22, according to a Reuters poll.



                Trades  Bids   Offers  Previo  Seller  Buyer
                                       us              
                                       Sessio          
                                       n               
 0.1 GO Barge                                           
 diffs fob ARA                                         
 per tonne                                             
  GO-ED-ARA                                            
 0.1 GO Cargo                                           
 diffs cif NEW                                         
 per tonne                                             
  GO-CND-NWE                                           
 0.1 GO Cargo           Dec+                            
 diffs cif Med          $6                             
 per tonne                                             
  GO-CND-MED                                           
 50ppm barge                                            
 diffs fob ARA                                         
 per tonne                                             
                                                    
                                                        
 Diesel         Trades  Bids   Offers  Previo  Seller  Buyer
                                       us              
                                       Sessio          
                                       n               
 Diesel barge                                           
 diffs fob ARA                                         
 per tonne                                             
                                                     
 Diesel cargo   Dec+12                         Gunvor  Glenc
 diffs cif      .50                                    ore
 NEW                                                   
 per tonne                                             
                                                   
 Diesel cargo                                          
 diffs cif Med                                         
 per tonne                                             
  DL-CIFD-MED                                          
                                                        
 Jet fuel       Trades  Bids   Offers  Previo  Seller  Buyer
                                       us              
                                       Sessio          
                                       n               
 Jet fuel                                               
 barge                                                 
 diffs fob                                             
 FARAG                                                 
 per tonne                                             
  JET-BD-ARA                                           
 Jet fuel                                               
 cargo                                                 
 cif NEW per                                           
 tonne                                                 
  JET-CD-NWE                                           
     
 Fuel Oil      Trades   Bids   Offers  Previous  Seller  Buyer
                                       Session           
 0.5% barge                                              
 fob ARA per                                             
 tonne                                                   
 3.5% barge                                              
 fob ARA per                                             
 tonne                                                   
  HFO-ARA                                                
 ICE Low Sulphur          LGOc1           Previous
 Gasoil                                   
 Diesel ARA Barge        $18.32           $18.95
 Cracks vs Brent                           
 futures (per barrel)                     
 Diesel spread            LGOc1-LGOc2      
 
 (Reporting by Ron Bousso;Editing by Elaine Hardcastle)
 ((Ron Bousso
email: ron.bousso@thomsonreuters.com
Twitter: https://twitter.com/ronbousso1
Tel.: +44 (0)207 542 2161
Reuters Messaging: ron.bousso.reuters.com@reuters.net))