Europe Distillates — Diesel profit margins soften
LONDON, Oct 16 (Reuters) — Diesel refining profit margins fell by 2.6% on Friday, weighed down by the International Energy Agency's announcement about releasing emergency stocks and by rising regional inventories. Low-sulphur gasoil futures traded at $79.34 a barrel above Brent crude futures by 1622 GMT, 88 cents lower than the previous close. In the Platts window, BP bought a Northwest European jet fuel cargo from Gunvor. The IEA on Thursday agreed to release more than 20 million barrels of diesel to the market as soon as possible and any oil remaining from a record emergency reserves release pledged in March to help supply and cool soaring prices. Oil product stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 2% on the week, data from Dutch consultancy Insights Global showed on Thursday. ARA/ Total stocks stood at 4.37 million metric tons, the data showed. Gasoil stocks rose by 0.3% to 1.78 million tons on steady imports and slow inland demand, Insights Global's Lars van Wageningen said. Russia is supplying diesel fuel to the Asia-Pacific region and Turkey, Russian Deputy Prime Minister Alexander Novak said on Friday, speaking at t
LONDON, Oct 16 (Reuters) — Diesel refining profit margins fell by 2.6% on Friday, weighed down by the International Energy Agency's announcement about releasing emergency stocks and by rising regional inventories. Low-sulphur gasoil futures traded at $79.34 a barrel above Brent crude futures by 1622 GMT, 88 cents lower than the previous close. In the Platts window, BP bought a Northwest European jet fuel cargo from Gunvor. The IEA on Thursday agreed to release more than 20 million barrels of diesel to the market as soon as possible and any oil remaining from a record emergency reserves release pledged in March to help supply and cool soaring prices.
Oil product stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 2% on the week, data from Dutch consultancy Insights Global showed on Thursday. ARA/ Total stocks stood at 4.37 million metric tons, the data showed. Gasoil stocks rose by 0.3% to 1.78 million tons on steady imports and slow inland demand, Insights Global's Lars van Wageningen said. Russia is supplying diesel fuel to the Asia-Pacific region and Turkey, Russian Deputy Prime Minister Alexander Novak said on Friday, speaking at the Russian Energy Week conference.
EU-27 and UK diesel and gasoil imports are on track to average about 957,000 barrels per day so far in October, Kpler data showed, compared with an average of 802,000 bpd for the whole of September.
Trades Bids Offers Previous Seller Buyer Session 0.1 GO Barge diffs fob ARA per ton 0.1 GO Cargo diffs cif NWE per ton 0.1 GO Cargo diffs cif Med per ton 50ppm barge diffs fob ARA per ton Diesel Trades Bids Offers Previous Seller Buyer Session Diesel barge diffs fob ARA per ton Diesel NWE Nov + $45 cargo +$29 diffs cif NWE per ton Diesel Nov cargo +$12 diffs cif Med per ton Jet fuel Trades Bids Offers Previous Seller Buyer Session Jet fuel barge diffs fob FARAG per ton Jet fuel CCM Gunvo BP cargo $10 r cif NWE per ton Fuel Oil Trades Bids Offers Previo Seller Buyer us Sessio n 0.5% barge fob ARA per ton 3.5% barge fob ARA per ton ICE Low Previous Close Sulphur Gasoil ICE Low $78.15 $80.22 Sulphur Gasoil futures vs Brent futures (per barrel) Diesel spread (Reporting by Ahmad Ghaddar; Editing by Kirsten Donovan) ((mailto:Ahmad.Ghaddar@thomsonreuters.com; +442075424435; Reuters Messaging: rm://ahmad.ghaddar.thomsonreuters.com@reuters.net/)