Europe Distillates-Diesel cracks slip, falling U.S. stocks limit losses



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LONDON, Jan 25 (Reuters) -Northwest European diesel barge profit margins declined to $45 on Wednesday as rising oil prices weighed, but falling U.S. inventories capped losses.

  • U.S. distillate stockpiles USOILD=ECI, which include diesel and heating oil, fell by 0.5 million barrels last week to 115.3 million barrels, versus expectations in a Reuters poll for a 1.1 million-barrel drop, Energy Information Administration data showed.

  • Diesel imports into Europe from Asia, the Middle East and Russia are set to reach 7.2 million tonnes in January, according to Refinitiv analysts.

  • Exports from Russia are set to reach 3.47 million tonnes in January, similar to December's record, as traders rush to fill tanks with diesel ahead of a Feb. 5 European Union ban on imports of Russian fuel, Refinitiv said.

  • Shipments from Asia and the Middle East are expected to reach 3.2 million tonnes so far in January, slightly below December's 3.4 million tonnes, according to Refinitiv.

  • Diesel stocks are expected to drop sharply after the ban takes effect as Europe will initially struggle to replace Russian volumes, traders said.

  • U.S. oil refining margins on Tuesday hit a three-month high and are likely headed higher, analysts said, as unplanned refinery outages weigh on already-tight fuel supplies.




Trades

Bids

Offers

Previous Session

Seller

Buyer

0.1 GO Barge

diffs fob ARA per tonne GO-ED-ARA







0.1 GO Cargo

diffs cif NEW per tonne GO-CND-NWE







0.1 GO Cargo

diffs cif Med per tonne GO-CND-MED

Feb -$11 (Alexandria)




ADD

BB Energy

50ppm barge diffs fob ARA per tonne

GO50PPM-ED-ARA



Feb -$16

Feb -$17










Diesel

Trades

Bids

Offers

Previous Session

Seller

Buyer

Diesel barge

diffs fob ARA

Per tonne

ULSD10-BD-ARA

Feb $1-$2



Feb $1-$2

Shell

BP, Glencore

Diesel cargo

diffs cif NWE

Per tonne

ULSD10-ANYD-NWE



Feb +$12




Diesel cargo

diffs cif Med

per tonne

DL-CIFD-MED














Jet fuel

Trades

Bids

Offers

Previous Session

Seller

Buyer

Jet fuel barge

diffs fob FARAG

per tonne

JET-BD-ARA


Feb +$101





Jet fuel cargo

cif NEW per tonne

JET-CD-NWE

Cif NWE +$50




Unipec

Shell

Fuel Oil

Trades

Bids

Offers

Previous Session

Sell

Buy

0.5% barge fob ARA per tonne

$583-$584



$590-$591

Totsa, OEI

Peninsula, OEI

3.5% barge

fob ARA per tonne HFO-ARA

$382




Mercuria, Vitol

Peninsula

ICE Low Sulphur Gasoil

LGOc1

Previous

Diesel ARA Barge Crack(per barrel)

$45

$47

Diesel spread

LGOc1-LGOc2




Reporting by Ahmad Ghaddar

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