Europe Distillates-Diesel margins end week higher

China Aviation Oil (Singapore)

01/11/2024 17:58

LONDON, Nov 1 (Reuters) - Northwest European diesel
barge profit margins fell by about $1.81 to $16.66 a barrel on
Friday, marking a 13% week-on-week rise as stocks fell in ARA
despite higher October imports into Europe.
    * "Global diesel and jet crack spreads have rebounded
nicely, with
Singapore spreads gaining sharply on reduced Chinese exports,"
said Sparta Commodities analyst Philip Jones-Lux. 
    * "In October, global diesel deliveries to Europe have been
adjusted upwards to a 22-month high of 7.77 million metric tons.
Volumes from the Middle East and Asia have remained nearly
unchanged, with an uptick in volumes from the U.S.," LSEG
analyst Rakesh Varma said earlier this week.
    * Gasoil stocks independently held in the
Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell
by 5.5% in the week to Thursday to 2.01 million metric tons,
data from Dutch consultancy Insights Global showed.
    * Jet fuel inventories, meanwhile, were down over 9% to
921,000
tons on limited imports from Asia, Insights Global’s Lars van
Wageningen said.
    * U.S. distillate stockpiles  USOILD=ECI , which include
diesel
and heating oil, fell 1 million barrels to 112.9 million barrels
last week, versus expectations for a 1.6 million-barrel drop in
a Reuters poll, Energy Information Administration data showed.
    * Russia's exports of ultra low-sulphur diesel (ULSD) from
the
Baltic Sea port of Primorsk in November are set to reach 1.1
million metric tons, two traders said on Thursday.
    * That would be a 3.3% increase on a daily basis from 1.1
million
tons scheduled for October as the month is one day shorter.
    * EU and UK diesel and gasoil imports reached about 1.28
million
barrels per day in October, slightly above September levels,
Kpler data showed.
    * Lyondell Basell Industries plans to permanently shut its
263,776
barrel-per-day Houston refinery in two stages, with the first in
January and the second in February, Kim Foley, head of the
company's refining operations, said on Friday.
    * Russian oil product exports from the Black Sea port of
Tuapse
are set to rise to 807,000 metric tons in November, up 167.3%
from the 312,000 tons scheduled for October, two traders said on
Friday.
    * Iraq's state-owned refiner SOMO is seeking to buy more
high-sulphur diesel deliveries for December arrival, after
earlier buying interest for one October cargo, three trade
sources who saw the tender document said on Friday.



                   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                                              
 diffs cif Med                                             
 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                                              
 diffs cif NWE                                             
 per tonne                                                 
                                                          
 Diesel cargo                             Med              
 diffs cif Med                            flat             
 per tonne                                (Tangie          
  DL-CIFD-MED                             r)               
                                                           
 Jet fuel          Trades  Bids   Offers  Previou  Seller  Buyer
                                          s                
                                          Session          
 Jet fuel barge                                            
 diffs fob FARAG                                           
 per tonne                                                 
  JET-BD-ARA                                               
 Jet fuel cargo                                            
 cif NWE per                                               
 tonne                                                     
  JET-CD-NWE                                               
 
 Fuel Oil      Trades   Bids   Offers  Previous  Seller  Buyer
                                       Session           
 0.5% barge    $499-50                 $501-$51  BP,     United,
 fob ARA per   1 (9                    0         Glenco  TotalEn
 tonne         barges)                           re      ergies,
                                                         Trafigu
                                                         ra,
                                                         Northst
                                                         ar,
                                                         Shell
 3.5% barge    $455-47                 $456-$50  Gunvor  BP,
 fob ARA per   3 (13                   2         , Orim  Vitol,
 tonne         barges)                                   Mercuri
  HFO-ARA                                                a,
                                                         United
 ICE Low Sulphur Gasoil   LGOc1           Previous
 Diesel ARA Barge        $16.66           $18.47
 Cracks vs Brent                          
 futures (per barrel)                     
 Diesel spread            LGOc1-LGOc2     
 
 (Reporting by Robert Harvey)
 ((Robert.Harvey@thomsonreuters.com; +447552256587;))