Europe Distillates-Diesel cracks dip amid global demand fears
LONDON, Sept 10 (Reuters) -Northwest European diesel barge refining cracks dipped slightly to around $15.10 a barrel on Tuesday after a sell-off in oil futures amid concerns over demand.
No barges of 10ppm diesel traded in the Platts window.
Two diesel cargoes traded in the Mediterranean.
Brent crude futures fell below $70 a barrel on Tuesday for the first time since December 2021, after OPEC+ revised down its demand forecast for this year and 2025.
EU and UK diesel and gasoil imports are projected to reach 1.24 million barrels per day this month, Kpler data showed, compared with 1.27 million bpd in August.
The diesel market outlook was bearish despite the upcoming seasonal refinery maintenance due to ongoing weakness in the Singapore area, Sparta Commodities analyst James Noel-Beswick said.
"It is increasingly clear that, despite the aforementioned global turnarounds, additional (refinery) run cuts will be necessary to address the oversupply," he said.
Trades | Bids | Offers | Previous Session | Seller | Buyer | |
|---|---|---|---|---|---|---|
0.1 GO Barge diffs fob ARA per tonne GO-ED-ARA | Sept -$22 | Sept -$20 | Sept -$23 (2 barges) | |||
0.1 GO Cargo diffs cif NEW per tonne GO-CND-NWE | ||||||
0.1 GO Cargo diffs cif Med per tonne GO-CND-MED | ||||||
50ppm barge diffs fob ARA per tonne GO50PPM-ED-ARA | Sept -$9.50 (one barge) | |||||
Diesel | Trades | Bids | Offers | Previous Session | Seller | Buyer |
Diesel barge diffs fob ARA per tonne ULSD10-BD-ARA | Sept -$2 | Sept +$1 | Sept flat - Sept -$0.50 (6 barges) | |||
Diesel cargo diffs cif NEW per tonne ULSD10-ANYD-NWE | Sept +$10 | |||||
Diesel cargo diffs cif Med per tonne DL-CIFD-MED | Oct +$10 (Malta); Oct +$13.25 (Koper) | Oct +$10.25 | Oct +$12 | BP | Repsol, AGT | |
Jet fuel | Trades | Bids | Offers | Previous Session | Seller | Buyer |
Jet fuel barge diffs fob FARAG per tonne JET-BD-ARA | Sept +$43 | Oct+$41.50 | ||||
Jet fuel cargo cif NEW per tonne JET-CD-NWE |
Fuel Oil | Trades | Bids | Offers | Previous Session | Seller | Buyer |
0.5% barge fob ARA per tonne | $464-$465 | $476.5-$478 | BP, Trafigura | Total | ||
3.5% barge fob ARA per tonne HFO-ARA | $368-$372 | $371-$372 (3 barges) | Vitol, Total | Trafigura, BP, United |
ICE Low Sulphur Gasoil | LGOc1 | Previous |
Diesel ARA Barge Cracks vs Brent futures (per barrel) | $15.15 | $15.57 |
Diesel spread | LGOc1-LGOc2 |
Reporting by Ron Bousso; Editing by Maju Samuel
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