off-the-wire

Europe Distillates-Diesel cracks drop on easing supply concerns

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, Feb 3 (Reuters) - Northwest European diesel barge profit margins dropped below $30 a barrel for the first time since August 2022 on Friday amid easing concerns over regional supply shortages ahead of an EU Feb. 5 ban on Russian fuel imports.


* The European Union's ban on imports of Russian refined oil products, including diesel and jet fuel, will disrupt global flows once it takes effect on Sunday and could hurt Moscow more than an embargo on crude oil.
* Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area rose by 6% to their highest since July 2021, data from Dutch consultancy Insights Global showed on Thursday.
* Gasoil stocks reached 2.3 million tonnes, rising as importers in the region increase Russian purchases ahead of a Feb. 5 EU ban on Russian oil product imports, said Insights Global's Lars van Wageningen.
* Demand for gasoil and diesel up the Rhine river fell to its lowest since October 2022 on a weekly basis, Wageningen said, with tanks in inland locations filling up amid increased imports in recent weeks.
* European diesel imports are expected to total 8.36 million tonnes in January, slightly lower than December's 8.38 million tonnes, according to Refinitiv ship tracking data.
* European diesel imports from Russia rose to nearly 4 million tonnes as traders rushed to fill tanks ahead of the EU ban on Russian fuel, according to Refinitiv. Trades Bids Offers Previous Seller Buyer Session
0.1 GO
Barge
diffs fob
ARA per
tonne 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 Seller Buyer Session
Diesel Feb Feb Shell Hartre barge -$1.50 -$0.75 e, diffs fob -$2 to Feb Vitol, ARA flat Gunvor Per tonne
<ULSD10-BD-
ARA>
Diesel Feb Mar Feb Shell Trafig cargo +$9 +$15-$ +$10-$11 ura diffs cif (Hambu 17 (3
NWE rg) (Amste cargoes
Per tonne rdam) Hamburg,
<ULSD10-ANY Amsterda
D-NWE> m)
Diesel Mar
cargo +$1.5
diffs cif 0
Med (Barc
per tonne elona
<DL-CIFD-ME )
D>



Jet fuel Trades Bids Offers Previous Seller Buyer Session
Jet fuel CCM +$26
barge
diffs fob
FARAG
per tonne
<JET-BD-ARA
>
Jet fuel TQC $16,
cargo TQC $22
cif NEW per
tonne
<JET-CD-NWE
>
Fuel Oil Trades Bids Offers Previous Sell Buy Session
0.5% barge $543-$54 $578-$59
fob ARA per 5 0
tonne
3.5% barge $357-$36 $358-$36
fob ARA per 1 7
tonne ICE Low Sulphur Gasoil Previous Diesel ARA Barge $33.8 $35.2 Crack(per barrel)
Diesel spread (Reporting by Ron Bousso; Editing by Alexander Smith)

email: ron.bousso@thomsonreuters.com Twitter: Tel.: +44 (0)207 542 2161 Reuters Messaging: ron.bousso.reuters.com@reuters.net))
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