Europe Distillates-Diesel margins edge higher despite US stock rise

China Aviation Oil (Singapore)

06/11/2024 17:52

LONDON, Nov 6 (Reuters) - Northwest European diesel
barge profit margins rose slightly to about $17.07 a barrel on
Wednesday, even as U.S. distillate stocks rose last week
according to data from the Energy Information Administration
(EIA).
    * Two diesel barges traded in the Platts window on Wednesday
for a
total volume of 4,650 metric tons, at Ice November gasoil minus
75 cents. Glencore sold to Vitol.
    * Diesel margins have rebounded and hit their highest since
August
last Thursday at around $18.47 a barrel, LSEG data showed. 
    * "While cracks continue to climb and premia remain buoyant,
the
refining sector’s recovery after maintenance will be crucial to
watch," Sparta Commodities' James Noel-Beswick said.
    * "For now, the market holds a bullish note, tempered only
by
looming questions over how long this rally can persist."
    * U.S. crude oil, gasoline and distillate inventories rose
last
week, the EIA said on Wednesday.
    * Distillate stockpiles  USOILD=ECI , which include diesel
and
heating oil, rose by 2.9 million barrels in the week to 115.8
million barrels, versus expectations for a 1.1 million-barrel
drop, the EIA data showed.
    * India's fuel consumption in October rose by 2.9%
year-on-year to
20.04 million metric tons, oil ministry data showed on
Wednesday, driven by strong economic activity.
    * Diesel consumption saw a steep rise by 19.9%
month-on-month to
7.64 million tons in October, also its highest in five months.
It inched up by 0.18% year-on-year (Y/Y).

    


                   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      Med                             Totsa,  Addax
 diffs cif Med     +$1-4                           Petroi  
 per tonne         (2                              neos    
  GO-CND-MED       cargoe                                  
                   s)                                      
 50ppm barge                                               
 diffs fob ARA                                             
 per tonne                                                 
  GO50PPM-ED-ARA                                           
                                                           
 Diesel            Trades  Bids   Offers  Previou  Seller  Buyer
                                          s                
                                          Session          
 Diesel barge      Nov                             Glenco  Vitol
 diffs fob ARA     -$0.75                          re      
 per tonne         (4.65                                   
  ULSD10-BD-ARA    KT)                                     
 Diesel cargo                                              
 diffs cif NWE                                             
 per tonne                                                 
                                                          
 Diesel cargo      Med                             Hartre  BP
 diffs cif Med     +$1                             e       
 per tonne                                                 
  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                             BP      Glenc
 cif NWE per       -$4                                     ore
 tonne                                                     
  JET-CD-NWE                                               
 
 Fuel Oil      Trades   Bids   Offers  Previous  Seller  Buyer
                                       Session           
 0.5% barge    $510-51                 $515-$52          
 fob ARA per   4                       0                 
 tonne                                                   
 3.5% barge    $444-45                 $447-$46          
 fob ARA per   6                       8                 
 tonne                                                   
  HFO-ARA                                                
 ICE Low Sulphur Gasoil   LGOc1           Previous
 Diesel ARA Barge        $17.07           $16.94
 Cracks vs Brent                          
 futures (per barrel)                     
 Diesel spread            LGOc1-LGOc2     
 
 (Reporting by Robert Harvey
Editing by Mark Potter)
 ((Robert.Harvey@thomsonreuters.com; +447552256587;))