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 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 -$4 Shell ExxonMdiffs fob ARA (26.15) obil, per tonne Glenco
Gunvor , Vitol, Hartre e, TotalE nergie s Diesel cargo June Maydiffs 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 FBHbarge 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 Northfob 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 StarHFO-ARA ICE Low Sulphur Gasoil LGOc1 Previous
Diesel ARA Barge $17.40 $17.33 Cracks vs Brentfutures (per barrel) Diesel spread LGOc1-LGOc2
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LONDON, April 22 (Reuters) - Northwest European diesel barge...
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