Europe Distillates-Diesel margins steady after ARA stocks rise

China Aviation Oil (Singapore)

14/11/2024 21:40

LONDON, Nov 14 (Reuters) - Northwest European diesel
barge profit margins held steady on Thursday at $17.30 a barrel
after data showed a sharp rise in regional stocks, which were
however offset by a decline in U.S. inventories.
    * Gasoil stocks independently held in the
Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose
by over 18% in the week to Thursday to their highest in six
weeks, data from Dutch consultancy Insights Global showed.
    * Stocks stood at 2.42 million metric tons, rising as large
cargoes from the Middle East discharged in the region, Insight
Global's Lars van Wageningen said. He added that demand for
heating oil from inland locations was robust.
    * U.S. distillate stockpiles, which include diesel and
heating
oil, fell last week by 1.4 million barrels to 114.4 million
barrels, versus expectations for a 200,000-barrel rise, EIA data
showed.
    * Global oil supply will exceed demand in 2025 even if OPEC+
cuts
remain in place, the International Energy Agency (IEA) said on
Thursday, as rising production from the United States and other
outside producers outpaces sluggish demand.
    * "European diesel demand begins to strengthen as winter
approaches, supported by stock draws and a widening
backwardation. Reduced inflows due to limited arbitrage
opportunities are also providing support," said LSEG analyst
Rakesh Varma.
    * EU and UK diesel and gasoil imports are on track to reach
1.41
million barrels per day this month, up from 1.26 million bpd in
October, Kpler data showed.

                Trades  Bids   Offers  Previo  Seller  Buyer
                                       us              
                                       Sessio          
                                       n               
 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                                             
                                                    
                                                        
 Diesel         Trades  Bids   Offers  Previo  Seller  Buyer
                                       us              
                                       Sessio          
                                       n               
 Diesel barge                                           
 diffs fob ARA                                         
 per tonne                                             
                                                     
 Diesel cargo                          Dec              
 diffs cif                             +$8             
 NWE                                   (Thame          
 per tonne                             s)              
                                                   
 Diesel cargo   Dec                            OMV     BP
 diffs cif Med  $10                                    
 per tonne      (Malta                                 
  DL-CIFD-MED   )                                      
                                                        
 Jet fuel       Trades  Bids   Offers  Previo  Seller  Buyer
                                       us              
                                       Sessio          
                                       n               
 Jet fuel                                               
 barge                                                 
 diffs fob                                             
 FARAG                                                 
 per tonne                                             
  JET-BD-ARA                                           
 Jet fuel                              CCM              
 cargo                                 -$2.50          
 cif NWE per                           (IoG)           
 tonne                                                 
  JET-CD-NWE                                           
     
 Fuel Oil      Trades   Bids   Offers  Previous  Seller  Buyer
                                       Session           
 0.5% barge                                               
 fob ARA per                                             
 tonne                                                   
 3.5% barge                                               
 fob ARA per                                             
 tonne                                                   
  HFO-ARA                                                
 ICE Low Sulphur          LGOc1           Previous
 Gasoil                                   
 Diesel ARA Barge        $17.30           $17.24
 Cracks vs Brent                           
 futures (per barrel)                     
 Diesel spread            LGOc1-LGOc2      
 
 (Reporting by Ron Bousso;
Editing by Marguerita Choy)
 ((ron.bousso@thomsonreuters.com))