Europe Distillates-Cracks decline after Atlantic basin stocks rise

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, Feb 23 (Reuters) - Northwest European diesel barge profit margins declined on Thursday to $25.10 a barrel after data showed stocks rises in the region as well as the United States.
* Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area rose to a fresh two-year high last week, data from Dutch consultancy Insights Global showed on Thursday.
* U.S. distillate stockpiles, which include diesel and heating oil, rose 2.7 million barrels versus forecasts for a 1.1 million-barrel draw, EIA data showed. At 121.9 million barrels, distillate supplies were at their highest since January 2022.
* 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.
* 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 2-1/2 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 +$4(Alg
diffs cif eciras)
Med per
tonne
<GO-CND-MED
>
50ppm barge Mar -$5
diffs fob
ARA per
tonne
<GO50PPM-ED
-ARA>



Diesel Trades Bids Offers Previous Seller Buyer Session
Diesel Mar -$3 Mar Mar -$2 Total Shell barge to -$5 -$1 to
diffs fob flat
ARA
Per tonne
<ULSD10-BD-
ARA>
Diesel Mar Mar Mar -$2
cargo +$13(Th +$13.5
diffs cif ames) 0-$16(
NEW Amster
Per tonne dam)
<ULSD10-ANY
D-NWE>
Diesel Apr
cargo +$10
diffs cif (Barcel
Med ona)
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 +$63(L
cif NEW per (Milfor e
tonne d Havre)
<JET-CD-NWE Haven)
>
Fuel Oil Trades Bids Offers Previous Sell Buy Session
0.5% barge $531-$535 $518 Trafig Vitol fob ARA per ura
tonne
3.5% barge $378-$382 $381-$38 Gunvor BP fob ARA per 4
tonne ICE Low Sulphur Gasoil Previous Diesel ARA Barge $25.1 $26.6 Crack(per barrel)
Diesel spread (Reporting by Ron Bousso; Editing by Richard Chang)

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