Europe Distillates-Diesel profit margins fall over 4%

Phillips 66

Yesterday 18:13

LONDON, Oct 21 (Reuters) - Diesel refining profit margins fell around 4.5% on Wednesday on rising distillate stocks.
Low-sulphur gasoil futures LGOc1 traded at $75.67 a barrel above Brent crude futures LCOc1 by 1635 GMT, $3.52 lower than the previous close.
US crude and gasoline stocks fell in the week ended October 16, while distillate inventories rose, the US Energy Information Administration said, with the most recent data reflecting the impact of Hurricane Isaias. EIA/S
France - Europe's second-largest diesel consumer - has secured an additional 295,000 tons of diesel from Gulf countries for both October and November. Meanwhile Russia will dispatch its first tanker with diesel for the United States on Thursday.
Phillips 66 PSX.N has barred nearly 400 union workers from its 275,000 barrels-per-day Bayway refinery in Linden, New Jersey, after the collective bargaining agreement and an extension of the contract expired.
Two top US Energy Department officials on Tuesday said they were working with refiners at home and abroad to boost diesel output.
EU-27 and UK diesel and gasoil imports are on track to average about 829,000 barrels per day so far in October, Kpler data showed, compared with an average of 773,000 bpd for the whole of September.
 
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50ppm barge diffs fob ARA per ton
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diesel
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Nov +$25
 Nov +$38.50
 Nov +$31
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Jet fuel 
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CCM +$26
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Fuel Oil
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ICE Low Sulphur Gasoil 
LGOc1 
Previous Close
ICE Low Sulphur Gasoil futures vs Brent futures (per barrel)
 $75.67
 $72.15
Diesel spread 
 
 

 (Reporting by Seher Dareen in London; Editing by Perla Velasco)
 ((seher.dareen@thomsonreuters.com))