LONDON, April 23 (Reuters) - Northwest European diesel barge margins edged lower to $17.20 a barrel on Tuesday, weighed by increased imports into the region.
- Over 2,300 metric tons of diesel barges traded in the Platts window, down from 26,000 tons in the previous session.
- Diesel imports into Europe forecast for April continued to climb thanks to near record shipments from the U.S. Gulf Coast and strong imports from Asia and the Middle East, LSEG analyst Raj Rajendran said in a note.
- April imports were set to reach 6.23 million metric tons in April, their highest since September 2023 and up sharply from 4.77 million tons in March, according to LSEG data.
- European diesel futures spreads are flashing signs of oversupply and slow demand with the three-month contango LGOc1-LGOc4 trading on Tuesday near its widest since August 2021.
- Diesel demand is stable but low, and supply in Europe is plentiful, a trading source said.
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
Session
Diesel barge May -$4 May -$4 Shell Glenco
diffs fob ARA (26.15) re 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 $588-$590 $585-$58 Glenco Unite
fob ARA per 5.25 re, d, tonne Shell, OEI
Total
3.5% barge $470-$472 $466-$46 Gunvor BP
fob ARA per 8 , tonne Vitol
HFO-ARA ICE Low Sulphur Gasoil LGOc1 Previous
Diesel ARA Barge $17.21 $17.40 Cracks vs Brent
futures (per barrel) Diesel spread LGOc1-LGOc2
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