Europe Distillates-Diesel margins little changed

China Aviation Oil (Singapore)

11/11/2024 17:13

LONDON, Nov 11 (Reuters) - Northwest European diesel
barge profit margins held steady at about $16.40 a barrel on
Monday, as export opportunities to the region remained limited.
    * No cargoes changed hands in the northwest European or
Mediterranean regions.
    * The European distillate market has been getting some
support
from unfavourable arbitrage economics from Asia, traders said. 
    * EU and UK diesel and gasoil imports are on track to reach
1.03
million barrels per day this month, down from, 1.26 million bpd
in October, Kpler data show.
    * The first rise in weekly U.S. distillate inventories in
two
months is limiting gains on diesel profit margins, Sparta
Commodities analyst Neil Crosby said. 
    * "The upcoming week is expected to remain mostly dry, with
only
minimal precipitation in the forecast," brokers Riverlake said.
"As a result, water levels on the Rhine will likely remain
stable". Barges in the upper Rhine are currently able to carry
1,314 metric tons, they said.
    * Indian Oil Corp's  IOC.NS  Gujarat refinery operations
were
unaffected after a benzene storage tank caught fire, India's top
refiner said in a statement.
    * U.S. oil refiners are expected to have about 557,000 bpd
of
capacity offline in the week ending Nov. 15, raising available
refining capacity by 85,000 bpd, research company IIR Energy
said on Monday.

                   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                     Nov                      
 diffs cif NWE                    +$9                      
 per tonne                                                 
                                                          
 Diesel cargo              Dec    Dec                      
 diffs cif Med             +$8    +$14.5                   
 per tonne                 (Malt  0                        
  DL-CIFD-MED              a)     (Koper                   
                                  )                        
                                                           
 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    CCM                      
 cif NWE per               +$1.5  -$1                      
 tonne                     0                               
  JET-CD-NWE                                               
 
 Fuel Oil      Trades   Bids   Offers  Previous  Seller  Buyer
                                       Session           
 0.5% barge    $484-$4                 $497-$50          
 fob ARA per   88                      0                 
 tonne                                                   
 3.5% barge    $440-$4                 $450-$47          
 fob ARA per   60                      0                 
 tonne                                                   
  HFO-ARA                                                
 ICE Low Sulphur Gasoil   LGOc1           Previous
 Diesel ARA Barge        $16.40           $16.31
 Cracks vs Brent                          
 futures (per barrel)                     
 Diesel spread            LGOc1-LGOc2     
 
 (Reporting by Ahmad Ghaddar; Editing by Andrew Cawthorne)
 ((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters
Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))