Europe Distillates-Diesel refining margins slide as Europe considers stocks release

Glencore

01/10/2026 17:30

LONDON, Oct 1 (Reuters) - European diesel refining margins fell about 7% on Thursday as European countries discussed releasing emergency diesel reserves amid mounting pressure from the Trump administration.
Low-sulphur gasoil futures LGOc1 traded at $77.44 a barrel above Brent crude futures LCOc1 at 1606 GMT, $5.77 lower than the previous close.
The Trump administration has told Germany and France to draw down emergency diesel inventories to help ease soaring global fuel prices or face a potential US diesel export ban, according to three people close to the discussions.
The European Union's energy taskforce will convene on Friday morning to discuss the issue of potential diesel stock releases, two EU diplomats told Reuters.
Margins dropped even after Chinese refiners suspended oil product exports for October, four people briefed on the matter told Reuters, as Beijing looks to preserve domestic stocks.
Jet fuel stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to over six-year lows on the week, data from Dutch consultancy Insights Global showed on Thursday. ARA/
Stocks of the aviation fuel fell 14% to 437,000 metric tons, with increased exports to the UK, France and Cyprus. More imports from Nigeria were expected in the coming weeks, Insights Global's Lars van Wageningen said.
Gasoil and diesel stocks meanwhile rose around 11% to 1.82 million tons but remained nearly 17.8% below year-ago levels. 
     
 
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 (Reporting by Ahmad Ghaddar; Editing by Vijay Kishore)
 ((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))