off-the-wire

Europe Distillates-Diesel margins firm, ARA stocks at 2-yr high

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, May 4 (Reuters) - Benchmark Northwest European diesel barge refining margins rose to around $14.25 a barrel on Thursday, supported by a recent sharp drop in underlying crude prices, but a rise in regional stocks to a 2-year high capped further gains.
* Gasoil and diesel stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area rose by 5% to a two-year high in the week to Thursday, data from Dutch consultancy Insights Global showed.
* Stocks stood at 2.36 million tonnes and were at their highest since April 2021.
* Demand up the Rhine river was weaker on the week, while imports into the region rose and were expected to remain strong next week, Insights Global's Lars van Wageningen said.
* U.S. distillate stockpiles , which include diesel and heating oil, fell by 1.2 million barrels to 110.3 million barrels, the Energy Information Administration said on Wednesday.
* Russian exports of ultra low-sulphur diesel (ULSD) from the Baltic Sea port of Primorsk are set to fall by 29.5% month on month on a daily basis in May to 1.18 million tonnes, from 1.62 million tonnes scheduled for April, two traders said on Tuesday.
* However, 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 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 tonnes scheduled a week ago, which fell to 1.47 mln after delays, changes of orders and missing Russian barrels, and of which 210,000 tonnes has yet to be fully discharged, according to Refinitiv. 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 0.1 GO Cargo
diffs cif Med
per tonne 50ppm barge May
diffs fob ARA +$2.50
per tonne
<GO50PPM-ED-A
RA>



Diesel Trades Bids Offers Previous Seller Buyer Session
Diesel barge May May RGES, Vitol, diffs fob ARA +$0.25- +$0.25-$ Shell Mabana Per tonne May 0.50 ft, BP <ULSD10-BD-AR +$0.75
A> (21.75K


T)
Diesel cargo May
diffs cif NWE +$11.50
Per tonne
<ULSD10-ANYD-
NWE>
Diesel cargo June
diffs cif Med +$11
per tonne Jet fuel Trades Bids Offers Previous Seller Buyer Session
Jet fuel
barge
diffs fob
FARAG
per tonne Jet fuel
cargo
cif NEW per
tonne Fuel Oil Trades Bids Offers Previous Sell Buy Session
0.5% barge $468-$469 $470.5-$ Mercur Shell fob ARA per 475 ia, , tonne Trafig Mercu ura ria, BP, Shell 3.5% barge $376-$378 $387-$38 Shell Mercu fob ARA per 8 ria, tonne North star, Vitol , BP, Trafi gura ICE Low Sulphur Gasoil Previous Diesel ARA Barge $14.19 $13.20 Crack(per barrel)
Diesel spread (Reporting by Ahmad Ghaddar; Editing by Krishna Chandra Eluri)

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