off-the-wire

Europe Distillates-Diesel margins stay low on ample supply

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, May 2 (Reuters) - Benchmark Northwest European diesel barge refining margins were little changed on Tuesday, continuing to hover near their lowest since December 2021 with high imports into the region.
* Russian oil product exports from the Black Sea port of Tuapse in May are set to rise by 5.1% month on month on a daily basis to 1.446 million tonnes, versus 1.331 million tonnes scheduled for April, two traders said on Tuesday.
* High imports into Europe and unabated Russian diesel exports to other markets have been weighing on diesel margins globally.


* Global diesel exports to Europe are expected to soar to 7.37 million tonnes in April, according to Refinitiv tracking, the highest since January.
* This week, Refinitiv is tracking 2.41 million tonnes of seaborne diesel exports to Europe, excluding intra-regional flows.
* This compares with 2.3 mln t scheduled a week ago, which fell to 1.47 mln t after delays, changes of orders and missing Russian barrels, and of which 210,000 t has yes to be fully discharged.
* Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area dropped by 5% in the week to Friday, data from Dutch consultancy Insights Global.
* The drop was due to higher exports from Europe to the U.S. East Coast as well as higher refinery maintenance, Insights Global's Lars van Wageningen said. 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
diffs fob ARA
per tonne
<GO50PPM-ED-A
RA>



Diesel Trades Bids Offers Previous Seller Buyer Session
Diesel barge May May flat
diffs fob ARA flat to - +$1.50
Per tonne -$0.25
<ULSD10-BD-AR
A>
Diesel cargo May +$9
diffs cif NWE
Per tonne
<ULSD10-ANYD-
NWE>
Diesel cargo Jun
diffs cif Med +$9.50
per tonne Jet fuel Trades Bids Offers Previous Seller Buyer Session
Jet fuel Jun
barge +$41.75
diffs fob
FARAG
per tonne Jet fuel TQC
cargo $-2.00
cif NEW per
tonne Fuel Oil Trades Bids Offers Previous Sell Buy Session
0.5% barge $499-$501 $523 Trafig Shell fob ARA per ura, , BP tonne Mercur


ia
3.5% barge $407-$410 $428 Gunvor Penin fob ARA per , sula, tonne Shell Maers k, Aramc o ICE Low Sulphur Gasoil Previous Diesel ARA Barge $11.64 $11.15 Crack(per barrel)
Diesel spread (Reporting by Rowena Edwards; Editing by Richard Chang)

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.