Europe Distillates-Diesel cracks edge lower as ARA stocks rise
LONDON, Aug 22 (Reuters) -Northwest European diesel barge refining cracks edged 26 cents lower to around $16.30 a barrel on Thursday, as independently-held inventories in Amsterdam-Rotterdam-Antwerp (ARA) rose on the week according to data from Dutch consultancy Insights Global.
Just one 2,000 metric ton barge of 10ppm diesel traded in the Platts window on Thursday, which BP sold to Mabanaft.
ARA gasoil stocks rose by around 3.2% on the week to 2.35 million tons, Insights Global data showed.
With prompt gasoil prices under pressure, a growing contango structure LGOc1-LGOc2 on the gasoil forward curve is helping incentivise putting product into storage, Insights Global's Lars van Wageningen said.
Gasoil stocks also rose following the arrivals of large cargoes into Europe on Aframax and Suezmax vessels, van Wageningen added.
Jet fuel stocks rose 6.4% on the week to 969,000 tons. Demand for jet fuel remains firm for now, though it could soon dip as the peak of the summer travel season has passed, van Wageningen said.
U.S. distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell by 3.3 million barrels last week to 122.8 million barrels, versus expectations in a Reuters poll for a 215,000 barrel drop, Energy Information Administration data showed.
Singapore's middle distillates inventories fell 5% from last week, snapping three weeks of gains as a jump in net jet fuel/kerosene exports outweighed declines in diesel/gasoil net exports, official data showed on Thursday.
Russia has started to use vessels under European Union sanctions for oil products exports, LSEG and market sources data showed.
Trades | Bids | Offers | Previous Session | Seller | Buyer | |
|---|---|---|---|---|---|---|
0.1 GO Barge diffs fob ARA per tonne GO-ED-ARA | ||||||
0.1 GO Cargo diffs cif NWE 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 | Sep -$1 | |||||
Diesel | Trades | Bids | Offers | Previous Session | Seller | Buyer |
Diesel barge diffs fob ARA per tonne ULSD10-BD-ARA | Sep -$1.75 (2KT) | Sept -$2 / -$1.75 (12 barges) | BP | Mabanaft | ||
Diesel cargo diffs cif NWE per tonne ULSD10-ANYD-NWE | Sep +$6 | Litasco | Glencore | |||
Diesel cargo diffs cif Med per tonne DL-CIFD-MED | Sep +$6.5 | Sep +$7.50 | ||||
Jet fuel | Trades | Bids | Offers | Previous Session | Seller | Buyer |
Jet fuel barge diffs fob FARAG per tonne JET-BD-ARA | FBH flat | FBH flat | ||||
Jet fuel cargo cif NWE per tonne JET-CD-NWE | Sep +$45 |
Fuel Oil | Trades | Bids | Offers | Previous Session | Seller | Buyer |
0.5% barge fob ARA per tonne | $525-528 (7 barges) | $520 (3 barges) | BP, Glencore | TotalEnergies, Trafigura, OEI | ||
3.5% barge fob ARA per tonne HFO-ARA | $429-$431 (3 barges) |
ICE Low Sulphur Gasoil | LGOc1 | Previous |
Diesel ARA Barge Cracks vs Brent futures (per barrel) | $16.30 | $16.56 |
Diesel spread | LGOc1-LGOc2 |
Reporting by Robert Harvey; Editing by Kirsten Donovan
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