Europe Distillates-Diesel cracks weaken, imports remain strong

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, Feb 22 (Reuters) - Northwest European diesel barge profit margins edged lower on Wednesday to $26.68 a barrel as imports into the region remained strong after an EU Feb. 5 ban on Russian fuel imports.


* Diesel imports into Europe from Asia, the Middle East, the United States and Russia, before the EU ban on Russian imports kicked in on Feb. 5, are set to reach 6.5 million tonnes in February, based on current shipping data, according to Refinitiv data. That compared with a total of 7.15 million tonnes in January.
* Imports from Asia and the Middle East in February are on course to hit a record 4.22 million tonnes, Refinitiv said.
* "Europe is coping extremely well as we enter the third week into the ban on Russian diesel imports, which so far appears to have a greater impact on flows from Russia while deliveries into Europe are continuing unabated," Refinitiv analysts said in a note.
* Germany's Schwedt refinery, whose majority owner Rosneft Deutschland has been put under trusteeship by the government, will undergo major maintenance this spring that will lower utilisation to less than half.
* Utilisation at the refinery will be below 50% in April and May, while reaching a target of 75% would take two to two-and-a-half years, said Michael Kellner, state secretary in the Economy Ministry. 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 Mar
Cargo -$1
diffs cif (Mala
Med per ga)
tonne
<GO-CND-MED
>
50ppm barge Mar
diffs fob -$5
ARA per
tonne
<GO50PPM-ED
-ARA>



Diesel Trades Bids Offers Previous Seller Buyer Session
Diesel Mar Mar Mar Mar Total Shell barge -$2 -$4.5 -$0 to -$3.50
diffs fob 0 to -$3.50
ARA -$7
Per tonne
<ULSD10-BD-
ARA>
Diesel Mar Mar Mar -$2
cargo +$13- +$13.5
diffs cif $14(T 0-$15.
NEW hames 25
Per tonne ) (Amste
<ULSD10-ANY rdam)
D-NWE>
Diesel Apr
cargo +$10
diffs cif (Barc
Med elona
per tonne )
<DL-CIFD-ME
D>



Jet fuel Trades Bids Offers Previous Seller Buyer Session
Jet fuel Mar
barge +$43
diffs fob
FARAG
per tonne
<JET-BD-ARA
>
Jet fuel Mar Mar
cargo +$60 +$72(L
cif NEW per (Milf e
tonne ord Havre)
<JET-CD-NWE Haven
> )
Fuel Oil Trades Bids Offers Previous Sell Buy Session
0.5% barge $518 $537-$53 Trafig Mercur fob ARA per 8 ura ia tonne
3.5% barge $381-$384 $389, Gunvor BP fob ARA per $392
tonne ICE Low Sulphur Gasoil Previous Diesel ARA Barge $26.1 $24.3 Crack(per barrel)
Diesel spread (Reporting by Ron Bousso; Editing by)

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