Europe Distillates-Diesel cracks slip on high supplies
LONDON, Sept 6 (Reuters) -Northwest European diesel barge refining cracks fell by about 50 cents to $15.59 a barrel on Friday as high supplies weighed.
Seven barges of 10ppm diesel traded in the Platts window, down from 14 on Thursday. TotalEnergies, Mercuria and Vitol sold to Trafigura and Gunvor.
Gasoil stocks independently held in the ARA storage hub rose in the week to September 5 by 1.4% to 2.45 million tons to their highest since May last year on rising imports, data from Dutch consultancy Insights Global showed. ARA/
U.S. distillate stockpiles, which include diesel and heating oil, fell last week by 0.4 million barrels to 122.7 million barrels, versus expectations for a 0.5-million-barrel rise, EIA data showed.
The outlook for the diesel market was bearish despite the upcoming seasonal refinery maintenance due to ongoing weakness in the Singapore area, Sparta Commodities analyst James Noel-Beswick said.
"It is increasingly clear that, despite the aforementioned global turnarounds, additional (refinery) run cuts will be necessary to address the oversupply," he said.
EU and UK diesel and gasoil imports reached 1.28 million barrels per day in August, Kpler data showed, up from about 1 million bpd in July. Expected imports for September are at 1.17 million bpd, the data showed.
Trades | Bids | Offers | Previous Session | Seller | Buyer | |
|---|---|---|---|---|---|---|
0.1 GO Barge diffs fob ARA per tonne GO-ED-ARA | Sept -$23 (2 barges) | Glencore | Finco, Vitol | |||
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 | Sept -$5 | Glencore | Mabanaft | |||
Diesel | Trades | Bids | Offers | Previous Session | Seller | Buyer |
Diesel barge diffs fob ARA per tonne ULSD10-BD-ARA | Sept -$2.75 - flat (7 barges) | Sept -$1-$3.50 | Vitol, TotalEnergies, Mercuria | Gunvor, Trafigura | ||
Diesel cargo diffs cif NEW per tonne ULSD10-ANYD-NWE | Sept +$6 | Sept +$9.50 (Le Havre) | ||||
Diesel cargo diffs cif Med per tonne DL-CIFD-MED | Oct +$7 | Oct +$12 | Oct +$13 (Koper) | |||
Jet fuel | Trades | Bids | Offers | Previous Session | Seller | Buyer |
Jet fuel barge diffs fob FARAG per tonne JET-BD-ARA | Oct+$41.50 | KLM | Shell | |||
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 | $485.5-$490 (0 barges) | $513-$520 | Shell, Glencore, Trafigura, BP | TotalEnergies, Mercuri | ||
3.5% barge fob ARA per tonne HFO-ARA | $371-$372 (3 barges) | $391-$394 | Vitol, TotalEnergies | Mercuria, Shell |
ICE Low Sulphur Gasoil | LGOc1 | Previous |
Diesel ARA Barge Cracks vs Brent futures (per barrel) | $15.59 | $16.06 |
Diesel spread | LGOc1-LGOc2 |
Reporting by Ahmad Ghaddar; Editing by Mohammed Safi Shamsi
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
