Europe Distillates-Diesel barge cracks dip amid ample stocks, but imports slow

North Atlantic Energies SA

07/03/2023 18:04

LONDON, March 7 (Reuters) - Northwest European diesel
barge profits dipped to around $26.8 a barrel on Tuesday amid
ample stockpiles, although imports into Europe are slowing.
    * According to Refinitiv analysts, the final tally of
February
diesel shipments into Europe was much lower than that forecast a
week ago as Russian barrels struggled to find homes and ended up
being kept on board tankers, often for around 7-10 days or even
longer in some cases. Consequently, Refinitiv tracking showed
worldwide diesel exports to Europe reaching 5.93 million tonnes
in February, down sharply from the 6.7 million estimated last
week.
    * Refinitiv is tracking global seaborne diesel exports to
Europe,
excluding intra-regional flows, amounting to 2.32 million tonnes
this week, of which 1.07 million are Russian barrels, so the
final tally can be expected to be a lot less, as seen last week.
    * Russian exports a month after an EU ban dropped to 3.8
million
tonnes, down from 4.06 million in January, Refinitiv data
showed.
    * Russian ultra-low-sulphur diesel (ULSD) shipments to
Brazil hit
a record high in February, while Moscow is exploring new markets
following the European Union ban, according to traders and
Refinitiv data.
    * Russia began diesel exports to Saudi Arabia in February as
it
seeks to contend with the EU embargo, traders said and Refinitiv
data showed. At least three cargoes carrying 190,000 tonnes of
diesel loaded in the Russian Baltic port of Primorsk in February
are now heading to Saudi Arabia.
    *         Gasoil stocks held in independent storage in the
Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area fell
slightly after four weeks of gains, data from Dutch consultancy
Insights Global showed on Thursday.
    * Workers striking in protest at proposed changes in the
French
pension system disrupted fuel deliveries and refining operations
at several sites operated by TotalEnergies  TTEF.PA  and Esso
 ESSF.PA  on Tuesday while power supply was also reduced.
    * A spokesperson for Esso, a subsidiary of ExxonMobil
 XOM.N ,
said that while deliveries had been blocked at the Fos site
since Monday evening for an expected 48 hour period, there was
no impact on production. Deliveries from the Port Jerome site
have also been affected since early morning, the person added.
    * TotalEnergies' Gonfreville, Donges, Feyzin, La Mede and
Carling
sites were hit by the strike, a representative from the CGT
union said. The company said there was no lack of fuel at
service stations and stocks were at a high level.
    * Slashed output at Germany’s Schwedt oil refinery
demonstrates
the difficulty Berlin faces in turning away from Russian oil.
Three months after Warsaw and Berlin agreed to work together the
refinery is running at 50-60% of capacity.
    * Inside BP's plan to reset renewables in the service of
hydrogen
and biofuel as oil and gas boom.
    * Tunisia imported record volumes of Russian gasoil and
diesel
last month as Moscow was forced to find new customers for its
oil products, according to traders and tracking data.
    * Rosneft's  ROSN.MM  Komsomolsky oil refinery in Russia's
Far
East will stop selling gasoline and diesel starting from March 9
on a commodity exchange due to maintenance, traders said on
Monday, amid the country's plans to reduce its crude oil output.

              Trades  Bids     Offers  Previous  Seller   Buyer
                                       Session            
 0.1 GO                                                   
 Barge                                                    
 diffs fob                                                
 ARA per                                                  
 tonne                                                    
  GO-ED-ARA                                               
 0.1 GO                                                   
 Cargo                                                    
 diffs cif                                                
 NWE per                                                  
 tonne                                                    
                                                         
 0.1 GO               April                               
 Cargo                -$6                                 
 diffs cif            (Algeci                             
 Med per              ras)                                
 tonne                                                    
                                                         
 50ppm barge                                              
 diffs fob                                                
 ARA per                                                  
 tonne                                                    
                                                     
                                                          
 Diesel       Trades  Bids     Offers  Previous  Seller   Buyer
                                       Session            
 Diesel       March                    March     Shell,   BP
 barge        -$0.25                   -$1.50    Gunvor   
 diffs fob    to                       to March           
 ARA          flat                     -$0.25             
 Per tonne    (5.6KT                                      
                                                      
 Diesel       March                              BP       Trafig
 cargo        +$12.5                                      ura
 diffs cif    (Thame                                      
 NWE          s)                                          
 Per tonne                                                
                                                    
 Diesel               March                               
 cargo                +$1                                 
 diffs cif            (Lavera                             
 Med                  )                                   
 per tonne                                                
                                                        
                                                          
 Jet fuel     Trades  Bids     Offers  Previous  Seller   Buyer
                                       Session            
 Jet fuel     CCM                                Total    BP
 barge        +$1                                         
 diffs fob                                                
 FARAG                                                    
 per tonne                                                
                                                         
 Jet fuel             CCM      CCM     TQC                
 cargo                +$2,     +$3.5   +$8-$14            
 cif NWE per          +$6      to +$6                     
 tonne                                                    
                                                         
 -0.25
 Fuel Oil     Trades     Bids    Offers  Previous  Sell    Buy
                                         Session           
 0.5% barge   $558-$567                  $573-$57  Total,  Mercu
 fob ARA per                             4         BP,     ria,
 tonne                                             Shell,  OEI,
                                                   Mercur  Penin
                                                   ia      sula
 3.5% barge   $404-$406                  $412-$41  BP,     OEI,
 fob ARA per                             4         Total,  Unite
 tonne                                             Mercur  dBunk
  HFO-ARA                                          ia,     er,
                                                   Vitol,  BP,
                                                   Gunvor  Penin
                                                           sula
 ICE Low Sulphur Gasoil   LGOc1          Previous
 Diesel ARA Barge        $26.8           $28.5
 Crack(per barrel)                       
 Diesel spread            LGOc1-LGOc2