Europe Distillates-Diffs weaken after expiry

  • Reuters
  • Commodities News
Europe Distillates-Diffs weaken after expiry

LONDON, Aug 12 (Reuters) - Diesel barge differentials in northwest Europe weakened on Monday following the expiry of August ICE (NYSE: ICE ) futures as supplies in the region were expected to rise.

* Diesel imports into Europe and the Mediterranean in August were expected to be similar to July, but stronger prices in Asia have led to some cargoes being diverted in recent days, traders said.

* Exports from the Middle East to Europe were expected to reach more than 2 million tonnes in August after a number of new tankers were booked in recent days, traders said.

* Demand for gasoil in the Mediterranean was strong, traders said.

* Barge and tanker congestion in ARA ports remained high, leading to some delays in deliveries, according to brokers.

* The 181,000 barrel per day Antipinsky oil plant, Russia's largest independent refinery, is on track to more than double its output this month following the suspension of its operations for more than two months, the plant's head told Reuters. The refinery temporarily halted oil processing in April through June amid financial problems that led to the arrival of new owners and bankruptcy proceedings. Deliveries of low-sulphur gasoil LGOc1 for August fell to 2,645 lots, or 264,500 tonnes, InterContinental Exchange data showed on Monday. The contract expired at $551.50 a tonne, down from $608.75 at the July expiry, when deliveries reached 4,450 lots. O/GEXP

Gasoil

Trades Bids

Offers Previous Seller Buyer

Session

0.1 GO

Aug. -$9

Barge

diffs fob

ARA per

tonne

>

0.1 GO

Cargo

diffs cif

NEW per

tonne

E>

0.1 GO

Sept.

Cargo

-$2.75

diffs cif

Med per

tonne

D>

50ppm

Aug.

barge

-$1.75

diffs fob

to -$1.5

ARA per

tonne

D-ARA>

Diesel

Trades Bids

Offers Previous Seller Buyer

Session

Diesel

Sept

Aug

Glenco Mabanaf barge

-$1.75

-$0.75-$ re

t, BP (LON: BP ), diffs fob

2

Total ARA

Per tonne

-ARA>

Diesel

Sept

Aug

cargo

+$1.50

-$3.75-$

diffs cif

(Hambur

4

NWE

g),

Per tonne

Sept

+$2.50

YD-NWE>

(Amster

dam)

Diesel

Sept

Aug +$5

cargo

+$2.50-

(cif

diffs cif

$3.50

Lavera)

Med

per tonne

ED>

Jet fuel

Trades Bids

Offers Previous Sell

Buy

Session

Jet fuel

Sept

Sept

barge

+$42

+$44

diffs fob

FARAG

per tonne

A>

Jet fuel

Sept

Sept

cargo

+$41

+$45

cif NWE

per tonne

E>

Fuel Oil

Trades

Previous Sell

Buy

Session

3.5 pct

$278-$2

$289-$291 Vitol Gunvor barge

79

(12kt)

fob ARA per

tonne

HFO-ARA

ICE Low Sulphur Gasoil LGOc1 Diesel crack

LGOc1-LCOc1 Diesel spread

LGOc1-LGOc2

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100

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