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Europe Distillates-Diesel crack ends week lower on strong supplies

Reuters · 01/06/2023 13:19
Europe Distillates-Diesel crack ends week lower on strong supplies

- 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.



Trades

Bids

Offers

Previous Session

Seller

Buyer

0.1 GO Barge

diffs fob ARA per tonne GO-ED-ARA


Jan -$23





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

GO50PPM-ED-ARA














Diesel

Trades

Bids

Offers

Previous Session

Seller

Buyer

Diesel barge

diffs fob ARA

Per tonne

ULSD10-BD-ARA

Jan +$6



Jan +$4

Shell

BP

Diesel cargo

diffs cif NEW

Per tonne

ULSD10-ANYD-NWE

Jan +$21 (Brest)

Jan +$20



Total

Trafigura

Diesel cargo

diffs cif Med

per tonne

DL-CIFD-MED














Jet fuel

Trades

Bids

Offers

Previous Session

Seller

Buyer

Jet fuel barge

diffs fob FARAG

per tonne

JET-BD-ARA

Jan +$72




Unipec

Glencore

Jet fuel cargo

cif NEW per tonne

JET-CD-NWE




Feb +$78 (Rotterdam)



Fuel Oil

Trades

Bids

Offers

Previous Session

Sell

Buy

0.5% barge fob ARA per tonne

$504



$500-$502

Vitol

BP, Peninsula, OEI

3.5% barge

fob ARA per tonne HFO-ARA

$344-$345



$344.5-$349

Gunvor, Totsa

Peninsula, Vitol, BP, Vitol, Mercuria

ICE Low Sulphur Gasoil

LGOc1


Diesel ARA Barge Crack(per barrel)

$

$

Diesel spread

LGOc1-LGOc2



(Reporting by Ron Bousso; Editing by Devika Syamnath)

((Ron Bousso

email: ron.bousso@thomsonreuters.com

Twitter: https://twitter.com/ronbousso1

Tel.: +44 (0)207 542 2161

Reuters Messaging: ron.bousso.reuters.com@reuters.))