Europe Distillates-Diesel refining margins recover

TotalEnergies SE

05/10/2026 17:00

LONDON, Oct 5 (Reuters) - European diesel refining margins rose more than 8% on Monday after sharp declines last week as market participants awaited clarity on how Group of Seven countries will roll out the release of the fuel from emergency reserves.
Low-sulphur gasoil futures LGOc1 traded at $73.26 a barrel above Brent crude futures LCOc1 at 1546 GMT, $5.64 higher than the previous close.
The squeeze on crude oil and refined fuels is set to tighten, and it could take up to two years to refill global stockpiles drawn on as an emergency measure, the chief executive of the world's biggest oil company Saudi Aramco 2222.SE said on Monday.
The decision by G7 countries to release 100 million barrels of diesel and crude oil from emergency reserves will have a positive impact on oil prices for EU member states, an EU Commission spokesperson said on Monday.
BP BP.L has adjusted its refineries to move focus from jet fuel to diesel production, Chief Executive Officer Meg O'Neill told the Energy Intelligence conference in London on Monday.
Ukraine will double down on attacking Russian oil refineries in response to a new policy of airstrikes by Moscow designed to force people to abandon Kyiv and other cities, but will not target civilians, President Volodymyr Zelenskiy said.
     
 
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 (Reporting by Ahmad Ghaddar; Editing by Shilpi Majumdar)
 ((Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters Messaging: ahmad.ghaddar.thomsonreuters.com@reuters.net))