Europe Distillates-Diesel margins soften despite regional stock decline
LONDON, Nov 7 (Reuters) -Northwest European diesel barge profit margins fell by about 90 cents to $16.27 a barrel on Thursday, despite a fall in regional inventories.
Gasoil stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell by 2.4% in the week to Thursday, data from Dutch consultancy Insights Global showed.
Stocks stood at 2.04 million metric tons, falling on slower imports and firmer inland demand, Insight Global's Lars van Wageningen said.
U.S. crude oil, gasoline and distillate inventories rose last week, the EIA said on Wednesday.
Distillate stockpiles USOILD=ECI, which include diesel and heating oil, rose by 2.9 million barrels in the week to 115.8 million barrels, versus expectations for a 1.1 million-barrel drop, the EIA data showed.
"While cracks continue to climb and premia remain buoyant, the refining sector's recovery after maintenance will be crucial to watch," Sparta Commodities' James Noel-Beswick said.
"For now, the market holds a bullish note, tempered only by looming questions over how long this rally can persist."
EU and UK diesel and gasoil imports are on track to reach 945,000 barrels per day this month, down from, 1.26 million bpd in October, Kpler data show.
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 | Med -$4 | Med +$1-4 (2 cargoes) | ||||
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 | Nov -$0.75 (4.65 KT) | |||||
Diesel cargo diffs cif NWE per tonne ULSD10-ANYD-NWE | Nov +$5 | Nov +$9 | ||||
Diesel cargo diffs cif Med per tonne DL-CIFD-MED | Dec +$13 | Med +$1 | ||||
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 | Nov +$48 | CCM -$4 |
Fuel Oil | Trades | Bids | Offers | Previous Session | Seller | Buyer |
0.5% barge fob ARA per tonne | $507-$509 | $510-514 | ||||
3.5% barge fob ARA per tonne HFO-ARA | $444-$456 | $444-456 |
ICE Low Sulphur Gasoil | LGOc1 | Previous |
Diesel ARA Barge Cracks vs Brent futures (per barrel) | $16.27 | $17.07 |
Diesel spread | LGOc1-LGOc2 |
Reporting by Ahmad Ghaddar; Editing by Shounak Dasgupta
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