Europe distillates-diesel profit margins fall
USO•Northwest European diesel refining margins fell Thursday, with low-sulphur gasoil futures trading at a $71.18-per-barrel premium to Brent, down $3.14 from the previous close. Russia plans to extend its diesel export ban through year-end while allowing some firms to export under quotas, and gasoil and diesel stocks in the ARA hub fell 3% to 1.72 million tons.
1. Margins and exports
Northwest European diesel refining margins dropped Thursday. Low-sulphur gasoil futures traded at a $71.18-per-barrel premium to Brent at 1745 GMT, $3.14 below the previous close. Russia will extend its diesel export ban until the end of the year while allowing some companies to export under a quota system, people familiar with the discussions said.
2. Regional fuel stocks
Gasoil and diesel stocks in the Amsterdam-Rotterdam-Antwerp hub fell 3% to 1.72 million tons. Jet fuel stocks there fell to their lowest level since 2014 for the week, while fuel oil stocks declined 18% to 762,000 tons.
