News: Europe Distillates-Diesel margins hold steady, weak demand weighs

LONDON, April 22 (Reuters) - Northwest European diesel barge margins were little changed at about $17.40 a barrel on Monday, close to an 11-month low, as weak demand and oversupply weighed.

• Over 26,000 metric tons of diesel barges traded in the Platts window, following a quiet session on Friday.
• European diesel futures spreads are flashing signs of oversupply and slow demand with the three-month contango LGOc1-LGOc4 trading on Monday at its widest since August 2021.
• On Monday the May low-sulphur gasoil futures contract LGOc1 traded at $6.25 a metric ton below the August contract and more than $3.50 below the June contract. The May contract flipped from backwardation into contango late last week.
• Diesel demand is stable but low, and supply in Europe is plentiful, a trading source said.
• European oil refinery output fell 4% in March from the previous month to 9.457 million barrels per day (bpd), but was nearly 1% higher than the same time last year, Euroilstock data showed on Monday.
• Total crude intake was 9.443 million bpd last month, 2.7% lower than in February, but 5.4% higher than in March 2023.

				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 diffs cif Med per tonne

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

										Session			
 Diesel barge   May -$4						   Shell   ExxonM 

diffs fob ARA (26.15) obil, per tonne Glenco Gunvor

														  , 
														  Vitol, 
														  Hartre 
														  e, 
														  TotalE 
														  nergie 
														  s 
 Diesel cargo			June   May						

diffs cif NW +$8.5 +$12 E per tonne Diesel cargo diffs cif Med per tonne

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

										Session			
 Jet fuel				FBH	FBH						

barge flat +$2.50 diffs fob FARAG per tonne

JET-BD-ARA Jet fuel CCM cargo +$4 cif NEW per tonne

JET-CD-NWE

 Fuel Oil	 Trades	 Bids	Offers  Previous  Seller  Buyer 
										 Session			
 0.5% barge   $585-$585				  $588-589  TotalE  North 

 fob ARA per  .25						(5		nergie  Star, 
 tonne								   barges)   s,	  Unite 
												   Shell   dBunk 
														   ering 
 3.5% barge   $466-$468				  $472-473  Gunvor  BP, 

 fob ARA per							 .5 (4	 ,	   North 
 tonne								   barges)   Vitol   Star 

HFO-ARA ICE Low Sulphur Gasoil LGOc1 Previous

 Diesel ARA Barge		$17.40		   $17.33 
 Cracks vs Brent						   

futures (per barrel) Diesel spread LGOc1-LGOc2