Europe Distillates-Diesel margins climb at contract expiry

China Aviation Oil (Singapore)

12/11/2024 17:51

LONDON, Nov 12 (Reuters) - Northwest European diesel
barge profit margins rose to about  $17.60 a barrel on Tuesday,
after the front month diesel futures contract expired.
    * Deliveries of low-sulphur gasoil  LGOc1  for November fell
to
854 lots or 85,400 tonnes at expiry, down from 3,290 lots in
October, InterContinental Exchange (ICE) data showed on Tuesday.
    * The contract expired at $664.5 a tonne, down from $706 a
tonne
at the October expiry.
    * Litasco sold a diesel cargo to Trafigura for Thames
delivery in
the Platts afternoon trading window.
    * In the Mediterranean market, trading sources said that
Greece's
Hellenic was offering a ULSD cargo through a tender for 20-27
November loading. Meanwhile, Socar also offered a ULSD cargo
loading in Aliaga, Turkey, on 26-28 November. 
    * Traders were also engaged in discussions over term
tenders,
sources added. 
    * EU and UK diesel and gasoil imports are on track to reach
1.07
million barrels per day this month, down from 1.26 million bpd
in October, Kpler data showed.
    * The Dangote Oil Refinery has capacity to produce winter
diesel
for the European market, an executive said on Tuesday, a further
indication of its potential to disrupt the global refining
market.
    * The refinery, which is obliged by the government to sell
locally
to reduce demand for U.S. dollars, has struggled to distribute
petrol in Nigeria, largely due to pricing. Last month, Aliko
Dangote said the refinery had a stockpile of 500 million litres
of petrol.
    * OPEC cut its forecast for global oil demand growth this
year and
next on Tuesday, highlighting weakness in China, India and other
regions, marking the producer group's fourth consecutive
downward revision in the 2024 outlook.

                   Trades  Bids   Offers  Previou  Seller  Buyer
                                          s                
                                          Session          
 0.1 GO Barge                                              
 diffs fob ARA                                             
 per tonne                                                 
  GO-ED-ARA                                                
 0.1 GO Cargo                                              
 diffs cif NWE                                             
 per tonne                                                 
  GO-CND-NWE                                               
 0.1 GO Cargo              Dec                             
 diffs cif Med             +$5                             
 per tonne                                                 
  GO-CND-MED                                               
 50ppm barge                                               
 diffs fob ARA                                             
 per tonne                                                 
  GO50PPM-ED-ARA                                           
                                                           
 Diesel            Trades  Bids   Offers  Previou  Seller  Buyer
                                          s                
                                          Session          
 Diesel barge                                              
 diffs fob ARA                                             
 per tonne                                                 
  ULSD10-BD-ARA                                            
 Diesel cargo      Dec                             Litasc  Trafi
 diffs cif NWE     +$8                             o       gura
 per tonne         (Thame                                  
                                                          
 Diesel cargo              Dec                             
 diffs cif Med             +$9.5                           
 per tonne                 0                               
  DL-CIFD-MED                                              
                                                           
 Jet fuel          Trades  Bids   Offers  Previou  Seller  Buyer
                                          s                
                                          Session          
 Jet fuel barge                                            
 diffs fob FARAG                                           
 per tonne                                                 
  JET-BD-ARA                                               
 Jet fuel cargo    CCM                             Glenco  BP
 cif NWE per       -$2.50                          re      
 tonne             (IoG)                                   
  JET-CD-NWE                                               
 
 Fuel Oil      Trades   Bids   Offers  Previous  Seller  Buyer
                                       Session           
 0.5% barge                            $484-$48          
 fob ARA per                           8                 
 tonne                                                   
 3.5% barge                            $440-$46          
 fob ARA per                           0                 
 tonne                                                   
  HFO-ARA                                                
 ICE Low Sulphur Gasoil   LGOc1           Previous
 Diesel ARA Barge        $                $16.40
 Cracks vs Brent                          
 futures (per barrel)                     
 Diesel spread            LGOc1-LGOc2     
 
 (Reporting by Ahmad Ghaddar; editing by Alan Barona)
 ((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters
Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))