off-the-wire

Europe Distillates-Margins edge higher as French refinery restarts

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, April 5 (Reuters) - Northwest European diesel barge margins edged higher to about $21.7 a barrel on Wednesday on brisk trading and a sharp fall in U.S. stocks, but high imports and some French refinery restarts kept prices close to a one-year low.

* The Feyzin refinery in eastern France operated by TotalEnergies has returned to normal production levels, a company spokesperson said.
* About 27% of the operational staff at the company's French refineries and depots were on strike on Wednesday, it said.
* U.S. distillate stockpiles , which include diesel and heating oil, fell by 3.6 million barrels to 113.1 million barrels last week, far exceeding expectations for a 400,000-barrel drop, Energy Information Administration data showed.


* Global seaborne diesel exports to Europe this week are at around 2.84 million tonnes, according to Refinitiv tracking. However, this could fall as it includes around 1.31 million tonnes of Russian barrels.


* A week ago, 2.46 million tonnes were scheduled, including around 0.99 million tonnes of Russian barrels. Delays, changes of orders and missing Russian cargoes sent flows falling to 1.44 million tonnes, of which almost 385,000 tonnes have yet to be fully discharged, according to Refinitiv analysis.
* Diesel exports for Europe scheduled for April so far are estimated at 4.2 million tonnes with no signs of abatement in shipments from Russia, according to Refinitiv analysis. This compares with around 6.5 million tonnes in March.
* Record volumes of Russian diesel poured into the Middle East in March, boosting exports to Europe and Africa, ship tracking data showed. Trades Bids Offers Previous Seller Buyer Session
0.1 GO
Barge
diffs fob
ARA per
tonne 0.1 GO
Cargo
diffs cif
NWE per
tonne
<GO-CND-NWE
>
0.1 GO April
Cargo -$6
diffs cif
Med per
tonne
<GO-CND-MED
>
50ppm barge April
diffs fob flat
ARA per
tonne
<GO50PPM-ED
-ARA>



Diesel Trades Bids Offers Previous Seller Buyer Session
Diesel April BP, Vitol, barge +$0.75 Shell, Totsa, diffs fob April Glencor Mabana ARA +$1.50 e, ft, Per tonne Unipec PSX <ULSD10-BD-
ARA>
Diesel April April Totsa Glenco cargo +$22.50 +$19.25 re diffs cif (Le (Thames)
NWE Havre)
Per tonne
<ULSD10-ANY
D-NWE>
Diesel April April
cargo +$11 +$2.50-$
diffs cif 3
Med
per tonne
<DL-CIFD-ME
D>



Jet fuel Trades Bids Offers Previous Seller Buyer Session
Jet fuel
barge
diffs fob
FARAG
per tonne
<JET-BD-ARA
>
Jet fuel
cargo
cif NWE per
tonne
<JET-CD-NWE
>


Fuel Oil Trades Bids Offers Previous Sell Buy Session
0.5% barge $547-$550 $544-$55 Shell, OEI, fob ARA per 5 Exxon Glenc tonne ore, Penin sula 3.5% barge $445 $435-$43 Gunvor OEI, fob ARA per 7 Maers tonne k ICE Low Sulphur Gasoil Previous Diesel ARA Barge $21.7 $20.3 Crack(per barrel)
Diesel spread (Reporting by Ahmad Ghaddar; Editing by Devika Syamnath)

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