Europe Distillates-Diesel refining margins end week lower
LONDON, Aug 9 (Reuters) -Northwest European diesel barge refining margins slipped by around 89 cents to $16.89 a barrel on Friday, losing around 13% on the week amid low buying activity and rising inventories.
Glencore sold a 3,000 metric ton 10ppm diesel barge to Gunvor in the Platts window, after the same two firms traded a single barge on Thursday.
Demand is seasonally at a low point, while European diesel refining margins also fell under pressure from a wider sell-off in markets earlier this week and an arriving VLCC tanker carrying diesel into the region, Sparta Commodities' James Noel-Beswick said in an online note.
Independently held gasoil stocks in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub were up nearly 3% on the week to 2.07 million tons on rising imports, according to data from Dutch consultancy Insights Global.
In the U.S., distillate stockpiles USOILD=ECI, which include diesel and heating oil, rose by 900,000 barrels last week to 127.8 million barrels, Energy Information Administration data showed. This rise was higher than the 200,000-barrel build predicted in a Reuters poll of analysts.
Global oil demand growth needs to accelerate in coming months or the market will struggle to absorb an increase in oil supply that OPEC+ is planning to make from October, according to data, analysts and industry sources.
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 | ||||||
Diesel | Trades | Bids | Offers | Previous Session | Seller | Buyer |
Diesel barge diffs fob ARA per tonne ULSD10-BD-ARA | Aug -$1.50 (1 barge) | Aug -$1 (one barge) | Glencore | Gunvor | ||
Diesel cargo diffs cif NWE per tonne ULSD10-ANYD-NWE | Sep +$6.50 | |||||
Diesel cargo diffs cif Med per tonne DL-CIFD-MED | Sep +$3.50 | |||||
Jet fuel | Trades | Bids | Offers | Previous Session | Seller | Buyer |
Jet fuel barge diffs fob FARAG per tonne JET-BD-ARA | Sep +$42.50 | BP | Shell | |||
Jet fuel cargo cif NEW per tonne JET-CD-NWE | CCM -$0.50 | CCM +$1.75 |
Fuel Oil | Trades | Bids | Offers | Previous Session | Seller | Buyer |
0.5% barge fob ARA per tonne | $533 (3 barges) | $526-$527 (13 barges) | TotalEnergies | BP | ||
3.5% barge fob ARA per tonne HFO-ARA | $438-$440 ( barges) |
ICE Low Sulphur Gasoil | LGOc1 | Previous |
Diesel ARA Barge Cracks vs Brent futures (per barrel) | $16.89 | $17.78 |
Diesel spread | LGOc1-LGOc2 |
Reporting by Robert Harvey; Editing by Kirsten Donovan
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