Europe Distillates-Diesel profit margins fall
LONDON, Nov 26 (Reuters) -Northwest European diesel profit margins fell slightly on Tuesday to $18.95, while a backwardated gasoil futures curve pointed to firm prompt demand.
In the Platts window for Mediterranean ULSD cargoes, Repsol offered a 27,000 ton ULSD cargo, while Aramco Trading, BP, ENI, Glencore and Vitol sought cargoes. No trades were concluded as there was a mismatch between locations of bids and the single offer.
Short-term gasoil demand is strong in Europe owing to dropping temperatures in the region, as backwardation in the gasoil futures curve reached the steepest since April 2024, according to LSEG senior analyst Rakesh Varma.
Asian diesel markets are projected to remain supported, as regional supplies could tighten due to persistently limited exports from China, Varma said.
EU and UK diesel and gasoil imports are on track to fall to 926 bpd this month, down from 1.4 million bpd in October, Kpler data showed.
Analysts expect middle distillate inventories, which include diesel and heating oil, to have increased by about 100,000 barrels in the week to Nov. 22, according to a Reuters poll.
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 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 | ||||||
Diesel cargo diffs cif NWE per tonne ULSD10-ANYD-NWE | ||||||
Diesel cargo diffs cif Med per tonne DL-CIFD-MED | MCM + $6.50 | MCM + $3.50 | ||||
Jet fuel | Trades | Bids | Offers | Previous Session | Seller | Buyer |
Jet fuel barge diffs fob FARAG per tonne JET-BD-ARA | ||||||
Jet fuel cargo cif NEW per tonne JET-CD-NWE |
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) | $18.95 | $19.36 |
Diesel spread | LGOc1-LGOc2 |
Reporting by Enes Tunagur; Editing by Alan Barona
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