Europe Distillates-Diesel profit margins climb on US inventory draw

China Aviation Oil (Singapore)

30/10/2024 17:44

LONDON, Oct 30 (Reuters) - Northwest European diesel
barge profit margins rose about 40 cents to $15.70 a barrel on
Wednesday, supported by a fall in U.S. inventories even as
underlying crude prices rose.
    * 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.
    * Meanwhile, oil prices rose more than 2% on Wednesday after
data
showed U.S. crude and fuel inventories fell unexpectedly last
week and on reports that OPEC+ may delay a planned oil output
increase.
    * Global diesel imports into Europe this month are expected
to
reach a 22-month high of 7.77 million metric tons, LSEG analyst
Rakesh Varma said, adding that while imports from the United
States rose, Middle East and Asia arrivals remained steady.
    * "Europe is set to enter its peak winter heating demand
season
while it is receiving 72% more diesel in October than last
year," Varma said. 
    * "Refineries returning from turnarounds may face challenges
in
maintaining run rates as the region is already well-supplied."


                   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                      Med                      
 diffs fob ARA                    +$2                      
 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             +$10.                           
 per tonne                 50                              
                          deaux                           
                           ; Nov                           
                           +7                              
                           (Amst                           
                           erdam                           
                           /Antw                           
                           erp)                            
 Diesel cargo              Med                             
 diffs cif Med             -$1                             
 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                                            
 cif NWE per                      Nov                      
 tonne                            +$55                     
  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 Gasoil   LGOc1           Previous
 Diesel ARA Barge        $15.70           $15.27
 Cracks vs Brent                          
 futures (per barrel)                     
 Diesel spread            LGOc1-LGOc2     
 
 (Reporting by Ahmad Ghaddar; Editing by Shreya Biswas)
 ((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters
Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))