Europe Distillates-Margins drop to lowest since February 2022

LONDON, April 12 (Reuters) - Benchmark Northwest European diesel refining margins dropped below $16 a barrel on Wednesday, their lowest since Feb. 25, 2022, a day after Russia launched its invasion of Ukraine, data showed.
* Diesel refining margins have fallen sharply since hitting a peak of over $80 a barrel in October as imports from Asia, the Middle East and the United States rose to record highs in recent months, replacing Russian volumes that the European Union banned on Feb. 5.
* The restart of several French refineries this week following outages as a result of strike action have weighed on diesel prices, traders said.
* Buying activity in inland German markets has, however, picked up in recent days, as end-users take advantage of lower diesel price spreads, traders said.
* U.S. distillate stockpiles, which include diesel and heating oil, fell last week by 600,000 barrels to 112.4 million barrels, versus expectations for a 800,000 barrel drop, EIA data showed.
* Russia has increased its

diesel exports to Brazil and other parts of Latin America, traders said and Refinitiv Eikon data showed.

* Kuwait's al Zour refinery has been partially shut down due to technical issues, spokesperson for Kuwait Integrated Petroleum Industries Company (KIPIC), Abdallah al Ajamy, said on Wednesday. The company added in a tweet that efforts were under way to gradually restore operations there within two weeks. Trades Bids Offers Previous Seller Buyer Session
0.1 GO
Barge
diffs fob
ARA per
tonne 0.1 GO TQC +$21
Cargo
diffs cif
NWE per
tonne
<GO-CND-NWE
>
0.1 GO April
Cargo -$4
diffs cif
Med per
tonne
<GO-CND-MED
>
50ppm barge April
diffs fob -$0.50
ARA per
tonne
<GO50PPM-ED
-ARA>

Diesel Trades Bids Offers Previous Seller Buyer Session
Diesel May April Glencor Vitol barge +$5.50- flat to e
diffs fob $6 April
ARA +$2, May
Per tonne +$6(16.3
<ULSD10-BD- KT)
ARA>
Diesel April April
cargo +$20 +$21
diffs cif
NWE
Per tonne
<ULSD10-ANY
D-NWE>
Diesel May Med +$9
cargo +$14
diffs cif
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 May
cargo +$47
cif NWE per (Rotte
tonne rdam)
<JET-CD-NWE
>

Fuel Oil Trades Bids Offers Previous Sell Buy Session
0.5% barge $553
fob ARA per
tonne
3.5% barge $457-$459 $452-$45 Total Aramc fob ARA per 3 o tonne ICE Low Sulphur Gasoil Previous Diesel ARA Barge $18.3 $18.1 Crack(per barrel)
Diesel spread (Reporting by Ron Bousso; Editing by Shinjini Ganguli)

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

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Europe Distillates-Margins drop to lowest since February 2022

By Reuters

Reuters

Reuters

Gold has a path to $4,000 as U.S. credibility crumbles - WisdomTree’s Nitesh Shah

Why gold revaluation charts put prices at $25,000-$55,000 if history rhymes, silver poised for breakout: Crescat Capital Strategist

Whether 145% or 10%, tariff uncertainty is enough to stop U.S. gold and silver imports, distort the metals market at all levels – Experts

Gold price plummets as U.S.-China trade relations thawing

Gold price down a bit amid better risk appetite