off-the-wire

Europe Distillates-Diesel cracks climb as Russian exports plummet

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, Feb 13 (Reuters) - Northwest European diesel barge profit margins rose slightly to $27.5 a barrel on Monday as Russian fuel oil exports fell in the wake of an EU ban on fuel imports from the country.


* Russia's seaborne oil product exports fell about 10% in Feb. 1-12 from the same period in January due to the European Union's embargo, the lack of available tankers and the closure of ports due to storms, traders said and Refinitiv data showed.
* Refinitiv data already show northwest Europe is no longer a major destination for Russian diesel, with half of its Feb. 1-8 loadings bound for Turkey.
* Ship-to-ship destinations such as Kalamata, Gibraltar and Ceuta are also appearing for Russian diesel exports.
* But diesel flows into Europe remain high.


* Around 4.77 million tonnes of diesel is already scheduled to arrive into Europe this month, compared with a total 7.73 million tonnes in January, according to Refinitiv analysis.


* Ukraine has started importing U.S.-made diesel fuel almost a year after Russia's invasion, local specialised news agency Enkorr said on Monday. Trades Bids Offers Previous Seller Buyer Session
0.1 GO March
Barge -$19
diffs fob
ARA per
tonne 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 March
diffs fob -$5
ARA per
tonne
<GO50PPM-ED
-ARA>



Diesel Trades Bids Offers Previous Seller Buyer Session
Diesel March Mar Shell Vitol, barge -$6-$6 -$4.50-$ Mabana diffs fob .50 6 ft, ARA PSX
Per tonne
<ULSD10-BD-
ARA>
Diesel March March
cargo +$7.5 +$9
diffs cif 0
NEW
Per tonne
<ULSD10-ANY
D-NWE>
Diesel March
cargo -$4
diffs cif
Med
per tonne
<DL-CIFD-ME
D>



Jet fuel Trades Bids Offers Previous Seller Buyer Session
Jet fuel March
barge +$62.5
diffs fob 0
FARAG
per tonne
<JET-BD-ARA
>
Jet fuel March
cargo +$70
cif NWE per
tonne
<JET-CD-NWE
>
Fuel Oil Trades Bids Offers Previous Sell Buy Session
0.5% barge $570.25 $574 Maersk OEI fob ARA per
tonne
3.5% barge $391-$39 $396-$39 Gunvor BP fob ARA per 2 8
tonne ICE Low Sulphur Gasoil Previous Diesel ARA Barge $27.5 $26.3 Crack(per barrel)
Diesel spread (Reporting by Ahmad Ghaddar; Editing by Shailesh Kuber)

ahmad.ghaddar.thomsonreuters.com@reuters.net))
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