Europe Distillates-Diesel margins steady after ARA stocks rise
LONDON, Nov 14 (Reuters) -Northwest European diesel barge profit margins held steady on Thursday at $17.30 a barrel after data showed a sharp rise in regional stocks, which were however offset by a decline in U.S. inventories.
Gasoil stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by over 18% in the week to Thursday to their highest in six weeks, data from Dutch consultancy Insights Global showed.
Stocks stood at 2.42 million metric tons, rising as large cargoes from the Middle East discharged in the region, Insight Global's Lars van Wageningen said. He added that demand for heating oil from inland locations was robust.
U.S. distillate stockpiles, which include diesel and heating oil, fell last week by 1.4 million barrels to 114.4 million barrels, versus expectations for a 200,000-barrel rise, EIA data showed.
Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain in place, the International Energy Agency (IEA) said on Thursday, as rising production from the United States and other outside producers outpaces sluggish demand.
"European diesel demand begins to strengthen as winter approaches, supported by stock draws and a widening backwardation. Reduced inflows due to limited arbitrage opportunities are also providing support," said LSEG analyst Rakesh Varma.
EU and UK diesel and gasoil imports are on track to reach 1.41 million barrels per day this month, up from 1.26 million bpd in October, Kpler 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 | Dec +$5 | |||||
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 | ||||||
Diesel cargo diffs cif NWE per tonne ULSD10-ANYD-NWE | Dec +$8 (Thames) | |||||
Diesel cargo diffs cif Med per tonne DL-CIFD-MED | Dec $10 (Malta) | OMV | BP | |||
Jet fuel | Trades | Bids | Offers | Previous Session | Seller | Buyer |
Jet fuel barge diffs fob FARAG per tonne JET-BD-ARA | ||||||
Jet fuel cargo cif NWE per tonne JET-CD-NWE | CCM -$2.50 (IoG) |
Fuel Oil | Trades | Bids | Offers | Previous Session | Seller | Buyer |
0.5% barge fob ARA per tonne | ||||||
3.5% barge fob ARA per tonne HFO-ARA |
ICE Low Sulphur Gasoil | LGOc1 | Previous |
Diesel ARA Barge Cracks vs Brent futures (per barrel) | $17.30 | $17.24 |
Diesel spread | LGOc1-LGOc2 |
Reporting by Ron Bousso;
Editing by Marguerita Choy
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