Home Commodities Europe Distillates-Diesel cracks end week lower on rising supplies By Reuters

Europe Distillates-Diesel cracks end week lower on rising supplies By Reuters

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Europe Distillates-Diesel cracks end week lower on rising supplies

LONDON, May 24 (Reuters) – Benchmark diesel refining margins in northwest Europe ended the week sharply lower at around $13.25 a barrel, weighed by rising stocks in the region and concerns over global demand.

* ARA gasoil stocks declined by 3.5% in the week to Thursday to 2.561 million tonnes, data from Dutch consultancy Insights Global showed. ARA/

* U.S. distillate stockpiles, which include diesel and , rose last week by 768,000 barrels, versus expectations for a fall of 48,000 barrels, EIA data showed. EIA/S

* Asia’s oil refiners are considering reducing output after margins slumped to their lowest for the season since 2003, according to industry sources and Refinitiv data. Diesel imports into Europe from Asia and the Middle East are set to reach around 2 million tonnes in May and are expected to be similar in June, traders said.

* The arbitrage from the United States was also open with several diesel tankers booked on the route in recent days, traders said.

* Demand in both northwest Europe and the Mediterranean was relatively weak in recent weeks.

* Shipowners, who are facing one of the biggest changes in the oil industry in decades, are seeing more fuels that will be compliant with new rules on sulphur emissions from ships, but some say the way forward is far from clear. Table of European refinery maintenance and outages: REF/E REF/OUT

Gasoil

Trades Bids

Offers Prv

Seller Buyer

Session

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 June

June -$6 Vitol, Mabana diffs fob

-$4

Glenco ft ARA

re

per tonne

ARA>

Diesel

Trades Bids

Offers Prv

Seller Buyer

Session

Diesel barge June

June

Belgom Vitol, diffs fob

-$0.50

flat to ine,

BP (LON:) ARA

-$1

-$0.50

Chevro

Per tonne

(21.9kt) n,

Total

RA>

Diesel cargo –

Jun

Jun+$5. -June

– diffs cif

+$3.50 50

+$4

NWE

(Amste (Amster (Amsterd

Per tonne

rdam) dam)

am)

-NWE>

Diesel cargo –

June

– diffs cif

+$5.75

Med

cif

per tonne

Lavera

>

Jet fuel

Trades Bids

Offers Prv

Sell

Buy

Session

Jet fuel

June

– barge

+$38

diffs fob

FARAG

Per tonne

JET-BD-ARA

Jet fuel

1

June

June

Total BP cargo

cargo

+$35(Ro +$35 cif

cif NWE

cif Le

tterdam Rotterda

per tonne

Havre

)

m

JET-CD-NWE

Fuel Oil

Trades

3.5pct barge $372.50

$370.5

fob ARA

-$375.2

per tonne

5

$372.75

HFO-ARA

(26kt)

(32kt)

ICE (NYSE:) Low Sulphur Gasoil Diesel crack

LGOc1-LCOc1 Diesel spread

LGOc1-LGOc2

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