Europe Distillates-Diffs rise on expiry, French strikes continue

North Atlantic Energies SA

10/03/2023 17:43

LONDON, March 10 (Reuters) - Northwest European diesel barge
differentials rose on Friday after the front month diesel futures contract
expired, while industrial action in France continued to block fuel deliveries
from oil refineries. 
    * Deliveries of low-sulphur gasoil  LGOc1  in March rose to 3,084 lots, or
308,400
tonnes, their highest since November 2021, InterContinental Exchange (ICE) data
showed on Friday.
    * The contract expired at $780.50 a tonne, down from $839.50 a tonne at the
February expiry, when deliveries were at 1,325 lots.
    * Garbage piled up in Paris streets and fuel deliveries were blocked from
refineries as workers continued rolling strikes against pension reform, but
President Emmanuel Macron refused to meet with unions and said the changes must
go ahead.
    * Workers blocked fuel deliveries from leaving TotalEnergies  TTEF.PA  and
Esso
refineries on Friday, while power supply was disrupted and maintenance at some
EDF  EDF.PA  nuclear reactors was delayed.
    * Russia's diesel and gasoil shipments to Turkey hit a record high in
February as
traders rerouted cargoes after a European Union ban on Russian oil products,
according to traders and Refinitiv data.
    * Gasoil stocks held in independent storage in the
Amsterdam-Rotterdam-Antwerp
(ARA) refining and storage area slipped for a second week in a row, data from
Dutch consultancy Insights Global showed on Thursday.
    * Gasoil stocks fell 2.6% to 2.49 million tonnes, even as demand from inland
locations slowed on the week and imports into the region remained strong,
Insights Global's Lars van Wageningen said.

              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                -$4                                 
 diffs cif                                                
 Med per                                                  
 tonne                                                    
                                                         
 50ppm barge                                              
 diffs fob                                                
 ARA per                                                  
 tonne                                                    
                                                     
                                                          
 Diesel       Trades  Bids     Offers  Previous  Seller   Buyer
                                       Session            
 Diesel       April                    March     Gunvor,  BP,
 barge        +$5-$6                   -$1 and   Glencor  Shell
 diffs fob    (20.90                   March     e        
 ARA          KT)                      -$0.50             
 Per tonne                                                
                                                      
 Diesel               April                               
 cargo                +$15                                
 diffs cif                                                
 NWE                                                      
 Per tonne                                                
                                                    
 Diesel               April                               
 cargo                +$11                                
 diffs cif                                                
 Med                                                      
 per tonne                                                
                                                        
                                                          
 Jet fuel     Trades  Bids     Offers  Previous  Seller   Buyer
                                       Session            
 Jet fuel     CCM                                Totsa    Shell,
 barge        flat                                        BP
 diffs fob                                                
 FARAG                                                    
 per tonne                                                
                                                         
 Jet fuel                      April   April              
 cargo                         +$41    +$35,              
 cif NWE per                           Cif NWE            
 tonne                                 +$1.24             
                                                         
 -0.25
 Fuel Oil     Trades     Bids    Offers  Previous  Sell    Buy
                                         Session           
 0.5% barge   $539-$542                            Vitol,  BP,
 fob ARA per                                       Gunvor  OEI
 tonne                                                     
 3.5% barge   $392-$396                  $404-$40  Mercur  OEI
 fob ARA per                             5         ia      
 tonne                                                     
  HFO-ARA                                                  
 ICE Low Sulphur Gasoil   LGOc1          Previous
 Diesel ARA Barge                        
 Crack(per barrel)                       
 Diesel spread            LGOc1-LGOc2    
 
 (Reporting by Ahmad Ghaddar; Editing by Kirsten Donovan)
 ((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters Messaging:
ahmad.ghaddar.thomsonreuters.com@reuters.net))