off-the-wire

Europe Distillates-Diesel margins slip further after small U.S. stocks draw

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, April 19 (Reuters) - Benchmark Northwest European diesel refining margins on Wednesday declined further to $16.75, the lowest since Feb. 25, 2022, after data showed a smaller than expected drop in U.S. inventories.
* U.S. distillate stockpiles, which include diesel and heating oil, fell last week by 400,000 barrels to 112.1 million barrels, versus expectations for a 900,000-barrel drop, EIA data showed.
* European diesel imports are set to reach 6.59 million tonnes in April, up from the revised 6.11 million tonnes that arrived in March, Refinitiv data showed.
* Shipments from Russia remain strong despite the EU ban with March and April deliveries totalling 2.18 million tonnes and 2.59 million tonnes, respectively, with almost all set for Turkey or Greece.


* "Consequently, Turkey is importing and exporting record volumes as ship-to-ship activities at Kalamata soar," Refinitiv analysts said.
* Saudi Aramco offered more vacuum gasoil (VGO) supplies to be exported from its Jizan refinery in May, according to traders and shipping data, in a sign that the refinery is yet to ramp up to full output. The Jizan refinery, Aramco's newest facility, had been expected to ramp up output for 10-ppm gasoil and cut VGO exports this quarter when it hits full capacity. 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 0.1 GO Cargo
diffs cif Med
per tonne 50ppm barge May +$3
diffs fob ARA
per tonne
<GO50PPM-ED-A
RA>



Diesel Trades Bids Offers Previous Seller Buyer Session
Diesel barge May May May
diffs fob ARA flat-+$ +$3-$4 +$2-$4
Per tonne 1 (15.3
<ULSD10-BD-AR KT)
A>
Diesel cargo May May +$18
diffs cif NEW +$20
Per tonne (Le
<ULSD10-ANYD- Havre)
NWE>
Diesel cargo May +$6 May
diffs cif Med (Barcel +$14
per tonne ona) (Koper )



Jet fuel Trades Bids Offers Previous Seller Buyer Session
Jet fuel
barge
diffs fob
FARAG
per tonne Jet fuel 4 May
cargo trades +$50
cif NEW per (Rotte
tonne rdam) Fuel Oil Trades Bids Offers Previous Sell Buy Session
0.5% barge $528 $539-$54 Total OEI fob ARA per 1
tonne
3.5% barge $442 $454.50- Gunvor BP fob ARA per $455
tonne ICE Low Sulphur Gasoil Previous Diesel ARA Barge $16.48 $17.19 Crack(per barrel)
Diesel spread (Reporting by Ron Bousso; Editing by Kirsten Donovan)

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