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Europe Distillates-Diesel cracks give some ground as imports show momentum

CommoditiesMar 15, 2019 23:00
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Europe Distillates-Diesel cracks give some ground as imports show momentum

LONDON, March 15 (Reuters) - Diesel cracks in northwestern Europe inched down on Friday as there were signs of stronger imports into the region.

* Two new-built VLCCs carrying middle distillates, the Olympic Laurel and the Ascona, are currently off the coast of Lome after sailing from Asia, according to Refinitiv shipping data and traders.

* The Pacific M VLCC, potentially carrying diesel according to traders and tanker trackers, changed its destination from the Cape of Good Hope to Rotterdam on Friday, according to Refinitiv shipping data.

* Shipping data showed two vessel were booked to carry 80,000 tonnes each of diesel from India and the Middle East to northwestern Europe around March 20-22, in addition to one carrying 90,000 tonnes of jet fuel.

* The April-May futures spread moved into contango this week, a structure implying a current surplus, despite some data showing falling stocks.

* Gasoil stocks in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell nearly 3 percent to 2.3 million tonnes on firm demand from inland locations, PJK data showed on Thursday. European middle distillates stocks in February fell 4.5 percent compared with a year earlier, Euroilstock data showed. O/EUROIL1

* "Increased shipbuilding activity has coincided with ample middle distillates supplies in the Asia Pacific region... Over the first 10 weeks of 2019, Singapore middle distillates stocks have been on average 28 pct higher than they were a year earlier. In contrast, European middle distillate stocks have been on average 6 percent lower on the year during January-February," according to data intelligence company Vortexa.

* Royal Dutch Shell (LON:RDSa) saw a year-on-year fall in refining and petrochemical margins across the key refining regions of Europe, Singapore and the United States, the oil major said in its 2018 annual report. Rotterdam average gross refining margins were down over 40 percent at $2.5/bbl. Singapore margins fell over 60 percent while U.S. Gulf Coast coking margins were down nearly 30 percent.

* Saudi Aramco's trading arm, Aramco Trading Co, has picked Mohammed Kadi to head ATC's new London office, four sources familiar with the matter said. Malaysia's state energy firm Petronas expects to start offering oil products from its new refining-petrochemical complex in April as the project moves toward full commercial production in October, a senior company official said. Gasoil

Trades Bids

Offers Prv

Seller Buyer

Session

0.1 GO Barge -

--

April

April

-

- diffs fob

-$13.5 -$13

ARA

to

(2.4KT)

per tonne

-$12.5

GO-ED-ARA

0.1 GO Cargo -

-

-

-

-

- diffs cif

NWE

per tonne

GO-CND-NWE

0.1 GO Cargo April -

-

-

Vitol BP (LON:BP) diffs cif

-$10.5

Med

(Alexa

per tonne

ndria)

GO-CND-MED

50ppm barge -

-

April

-

-

- diffs fob

-$3 to

ARA

-$2.5

per tonne

ARA>

Diesel

Trades Bids

Offers Prv

Seller Buyer

Session

Diesel barge April -

-

April

Unipec Total, diffs fob

-$2.5

-$2.5 to ,

Vitol ARA

to

-$2.00

Gunvor

Per tonne

April

(37 KT)

RA>

(26.15

KT)

Diesel cargo

April May

-

-

- diffs cif

-

+$3.5 +$3.25

NWE

to

(Amster

Per tonne

+$3.75 dam)

(Amste

-NWE>

rdam)

Diesel cargo -

Med -3 Med

diffs cif

to -2 flat

Med

per tonne

>

Jet fuel

Trades Bids

Offers Prv

Sell

Buy

Session

Jet fuel

April -

-

-

KLM,

Vitol, barge

+$31

Total Shell diffs fob

to $33

FARAG

Per tonne

JET-BD-ARA

Jet fuel

-

-

April

-

-

- cargo

+$40

cif NWE

per tonne

JET-CD-NWE

Fuel Oil

Trades Bids

Offers Prv

Sell

Buy

Session

3.5pct barge $398.5- -

-

$403.5- Gunvor Vmarin fob ARA

$399

$403.75

e, BP per tonne

(10KT)

(6KT)

HFO-ARA

GMT 1634

Change

Feb ICE (NYSE:ICE) Low Sulphur Gasoil

$606.5

-0.7 pct LGOc1

Diesel crack LGOc1-LCOc1

$14.7065

-0.75 pct Diesel spread LGOc1-LGOc2

-$0.75

-$0.25

Europe Distillates-Diesel cracks give some ground as imports show momentum
 

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