News: Europe Distillates-Diesel margins fall to one-year low on slower demand

LONDON, April 18 (Reuters) - Northwest European diesel barge margins fell by $2 to about $17.15 on Thursday to their lowest in almost a year, as heavy supplies and sluggish demand weighed.

• A single barge changed hands in the afternoon trading window.
• Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell slightly to 2.12 million tons in the week to Thursday, data from Dutch consultancy Insights Global showed.
• U.S. distillate stockpiles USOILD=ECI , which include diesel and heating oil, fell by 2.8 million barrels to 115 million barrels, versus expectations for a 300,000-barrel drop, weekly EIA data showed.
• High imports and weak local demand are pressuring European diesel crack spreads, traders said.
• The front month diesel futures spread LGOc1-LGoC2 was trading in contango for the second session in a row, indicating market weakness.
• "The market is expected to continue receiving a significant amount of diesel from the Middle East and West Coast of India," said James Noel-Beswick of Sparta Commodities.
• "This influx of supply, coupled with ongoing struggles in European demand and the likelihood of increasing stocks, is contributing to a prevailing bearish sentiment in the market," he added.
• Diesel imports into Europe are set to reach 6.04 million metric tons in April, the highest since July 2023 and up sharply from March's 4.79 million tons, data from LSEG analyst Raj Rajendran showed.

				Trades   Bids   Offers  Previous  Seller  Buyer 
										Session			
 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 May diffs cif Med +$5 per tonne

GO-CND-MED 50ppm barge diffs fob ARA per tonne Diesel Trades Bids Offers Previous Seller Buyer

										Session			
 Diesel barge   May -$3				 May	   Shell   GST 
 diffs fob ARA						  -$3.92			 

per tonne (12.60

 Diesel cargo			June   May	 May				
 diffs cif NW			+$9	+$12.5  +$14.50			

 E							  0	   CIF				
 per tonne							  Immingha		   

Diesel cargo diffs cif Med per tonne

DL-CIFD-MED Jet fuel Trades Bids Offers Previous Seller Buyer

										Session			
 Jet fuel	   FBH					 FBH -$2   TotalE  BP, 
 barge		  -$2,							  nergie  Shell 
 diffs fob	  -$3							   s		
 FARAG													 

per tonne

JET-BD-ARA Jet fuel CCM cargo +$5 cif NEW per tonne

JET-CD-NWE

 Fuel Oil	 Trades	 Bids	Offers  Previous  Seller  Buyer 
										 Session			
 0.5% barge   $587-$591				  $609-$61  TotalE  OEI, 

 fob ARA per							 1		 nergie  Unite 
 tonne											 s,	  dBunk 
												   Shell   ering 
 3.5% barge   $476-$476				  $483-485  Gunvor  Unite 

 fob ARA per  .5								   ,	   dBunk 
 tonne											 Vitol,  ering 

  HFO-ARA										  OEI	 , 
														   Penin 
														   sula, 
														   BP, 
														   Total 
														   Energ 
														   ies 
 ICE Low Sulphur Gasoil   LGOc1		   Previous 

 Diesel ARA Barge		$17.15		   $19.14 
 Cracks vs Brent						   

futures (per barrel) Diesel spread LGOc1-LGOc2