Northwest European diesel barge refining margins rose slightly to $36 a barrel on Thursday, after data showed the first weekly rise in regional stocks in five weeks.
Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 3% in the week to Thursday, their first rise in five weeks, data from Dutch consultancy Insights Global showed.
Gasoil stocks rose to 1.92 million metric tons as imports into the region rose slightly, particularly from the Middle East, said Insights Global’s Lars van Wageningen.
U.S. distillate stockpiles, which include diesel and heating oil, rose last week by 700,000 barrels in the week, versus expectations for a 240,000-barrel rise, EIA data showed.
European diesel imports in August fell to their lowest since May 2022 to a revised 5.05 million metric tons, LSEG data showed. Arrivals for September so far are expected to reach 3.53 million tons.
All diesel arbitrages into Europe are currently closed until the second quarter of 2024, although imports from the Middle East remain the most cost-effective option, according to Sparta Commodities analyst James Noel-Beswick.
Source: Hellenic Shipping News
