Europe Distillates-Diesel profit margins slide as Russia boosts output
Europe Distillates-Diesel profit margins slide as Russia boosts output LONDON, Oct 27 (Reuters) - Diesel refining profit margins fell by 7% on Tuesday, as rising Russian production weighed.
Low-sulphur gasoil futures LGOc1 traded at a $73.90 a barrel premium to Brent crude futures LCOc1 by 1706 GMT, $5.60 lower than the previous close.
French fuel retailers will not have to replace diesel released from France's strategic reserves under a new government scheme after a decision by Prime Minister Sebastien Lecornu, a spokesperson for the fuel lobby Ufip said on Tuesday.
Russian oil refineries increased crude processing by 25% in the second half of October compared to the beginning of the month after persistent drone attacks on the plants ceased, three industry sources told Reuters.
France is expected to start the release of 10 million barrels of diesel from its strategic reserves on November 1 in a bid to ease pump prices after fuel costs surged in the wake of the US-Israeli war with Iran.
India's diesel exports are set to surge from 2027, giving the South Asian nation a bigger role in global markets, as state-run companies boost refining capacity, industry officials said on Tuesday.
Brazil's government will extend on Tuesday a diesel subsidy of 2.12 reais ($0.39) per liter for a month, the country's Planning Ministry said in a statement.
| Trades | Bids | Offers | Previous Session | Seller | Buyer |
0.1 GO Barge diffs fob ARA per ton |
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0.1 GO Cargo diffs cif NWE per ton | Nov -$4 |
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0.1 GO Cargo diffs cif Med per ton |
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50ppm barge diffs fob ARA per ton
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Diesel | Trades | Bids | Offers | Previous Session | Seller | Buyer |
Diesel barge diffs fob ARA per ton |
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Diesel cargo diffs cif NWE per ton |
| Nov +$28 | Nov +$32 |
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Diesel cargo diffs cif Med per ton |
| Med -$4 (Koper) | Nov +$12 |
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Jet fuel | Trades | Bids | Offers | Previous Session | Seller | Buyer |
Jet fuel barge diffs fob FARAG per ton
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Jet fuel cargo cif NWE per ton
| CCM +$50 |
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| CCM + $56 (Thames) and CCM + $24 (Le Havre) | Unipec | BP |
Fuel Oil | Trades | Bids | Offers | Previous Session | Seller | Buyer |
0.5% barge fob ARA per ton |
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| $714 |
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3.5% barge fob ARA per ton |
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| $669 |
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ICE Low Sulphur Gasoil | LGOc1 | Previous Close |
ICE Low Sulphur Gasoil futures vs Brent futures (per barrel) | $73.90 | $79.49 |
Diesel spread |
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(Reporting by Ahmad Ghaddar; Editing by Perla Velasco)
((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))