Europe Distillates-Diesel margins soften despite regional stock decline

China Aviation Oil (Singapore)

07/11/2024 17:05

LONDON, Nov 7 (Reuters) - Northwest European diesel
barge profit margins fell by about 90 cents to $16.27 a barrel
on Thursday, despite a fall in regional inventories.
    * Gasoil stocks independently held in the
Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell
by 2.4% in the week to Thursday, data from Dutch consultancy
Insights Global showed.
    * Stocks stood at 2.04 million metric tons, falling on
slower
imports and firmer inland demand, Insight Global's Lars van
Wageningen said.
    * 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.
    * "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."
    * EU and UK diesel and gasoil imports are on track to reach
945,000 barrels per day this month, down from, 1.26 million bpd
in October, Kpler data show.

                   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            Med              
 diffs cif Med             -$4            +$1-4            
 per tonne                                (2               
  GO-CND-MED                              cargoes          
                                          )                
 50ppm barge                                               
 diffs fob ARA                                             
 per tonne                                                 
  GO50PPM-ED-ARA                                           
                                                           
 Diesel            Trades  Bids   Offers  Previou  Seller  Buyer
                                          s                
                                          Session          
 Diesel barge                             Nov              
 diffs fob ARA                            -$0.75           
 per tonne                                (4.65            
  ULSD10-BD-ARA                           KT)              
 Diesel cargo              Nov    Nov                      
 diffs cif NWE             +$5    +$9                      
 per tonne                                                 
                                                          
 Diesel cargo                     Dec     Med +$1          
 diffs cif Med                    +$13                     
 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                   Nov     CCM -$4          
 cif NWE per                      +$48                     
 tonne                                                     
  JET-CD-NWE                                               
 
 Fuel Oil      Trades   Bids   Offers  Previous  Seller  Buyer
                                       Session           
 0.5% barge    $507-$5                 $510-514          
 fob ARA per   09                                        
 tonne                                                   
 3.5% barge    $444-$4                 $444-456          
 fob ARA per   56                                        
 tonne                                                   
  HFO-ARA                                                
 ICE Low Sulphur Gasoil   LGOc1           Previous
 Diesel ARA Barge        $16.27           $17.07
 Cracks vs Brent                          
 futures (per barrel)                     
 Diesel spread            LGOc1-LGOc2     
 
 (Reporting by Ahmad Ghaddar; Editing by Shounak Dasgupta)
 ((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters
Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))