LONDON, April 19 (Reuters) - Northwest European diesel barge margins rose by 74 cents on the day to about $17.33 on Friday, rebounding from their lowest in almost a year in the previous session but closing the week around 16% lower.
- No Northwest European diesel barges changed hands in the afternoon trading window on Friday after one barge had traded on Thursday.
- Diesel demand is stable but low, and supply in Europe is plentiful, a trading source said.
- The front-month diesel futures spread LGOc1-LGoC2 was trading in contango for the third 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.
- 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.
Trades Bids Offers Previous Seller Buyer Session 0.1 GO Bargediffs 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 May May -$3 diffs fob ARA -$4.5 -$4per tonne 0
Diesel cargo June diffs cif NW +$9.5 E 0 per tonne Diesel cargo Med Med diffs cif Med -$1 +$1.50 per tonne DL-CIFD-MED Jet fuel Trades Bids Offers Previous Seller Buyer
Session Jet fuel FBH FBH -$2, barge flat -$3 diffs fobFARAG per tonne
JET-BD-ARA Jet fuel CCM CCM cargo -$5 +$1 cif NEW per tonne
JET-CD-NWE
Fuel Oil Trades Bids Offers Previous Seller Buyer Session 0.5% barge $588-589 $587-$59 OEI, Unitefob ARA per (5 1 Mercur d, tonne barges) ia, North Glenco star, re, OEI Total 3.5% barge $472-473. $476-$47 OEI, Peninfob ARA per 5 (4 6.5 Vitol sula, tonne barges) BP HFO-ARAICE Low Sulphur Gasoil LGOc1 Previous
Diesel ARA Barge $17.33 $16.59 Cracks vs Brentfutures (per barrel) Diesel spread LGOc1-LGOc2
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LONDON, April 19 (Reuters) - Northwest European diesel barge...
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