Europe Distillates-Diesel crack ends week lower on strong supplies
LONDON, Jan 6 (Reuters) - Northwest European diesel barge profit margins ended the week slightly lower at $41.4 a barrel following a large rise in regional stocks and continued strong imports.
Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area surged 6% to their highest since late October 2021 in the week to Thursday, data from Dutch consultancy Insights Global showed.
Gasoil stocks rose to 2.04 million tonnes amid rising imports into the region, particularly from Russia, Insight Global's Lars van Wageningen said.
Demand for gasoil from inland locations along the Rhine river rose on the week to the highest level since May 2020, Wageningen added.
U.S. distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell 1.4 million last week, compared with expectations for a 396,000-barrel drop, Energy Information Administration data showed on Thursday.
Diesel imports into Europe from Asia, the Middle East, Russia and the United States are so far set to reach 3.78 million tonnes in January, compared with a record 8.28 million tonnes in December, according to Refinitiv data.
Exports from Russia remain strong so far in January at 1.35 million tonnes, compared with December's 3.51 million tonnes, according to Refinitiv data.
Traders have been increasing imports into the region ahead of a European Union ban on Russian diesel imports from Feb. 5.
Germany's MiRo refinery C}RO7309414342, which is partly owned by Russia's Rosneft, on Thursday said one of its crude oil distillation facilities was down for repair work and was expected to remain out of service for around four weeks.
0.1 GO Barge
diffs fob ARA per tonne GO-ED-ARA
0.1 GO Cargo
diffs cif NEW per tonne GO-CND-NWE
0.1 GO Cargo
diffs cif Med per tonne GO-CND-MED
50ppm barge diffs fob ARA per tonne
diffs fob ARA
diffs cif NEW
Jan +$21 (Brest)
diffs cif Med
Jet fuel barge
diffs fob FARAG
Jet fuel cargo
cif NEW per tonne
Feb +$78 (Rotterdam)
0.5% barge fob ARA per tonne
BP, Peninsula, OEI
fob ARA per tonne HFO-ARA
Peninsula, Vitol, BP, Vitol, Mercuria
ICE Low Sulphur Gasoil
Diesel ARA Barge Crack(per barrel)
(Reporting by Ron Bousso; Editing by Devika Syamnath)
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Reuters Messaging: ron.bousso.reuters.com@reuters.))