Europe Distillates-Diesel Cracks Edge Lower, China Exports Set to Rise
10.18.2023 By Tank Terminals - NEWS

October 18, 2023 [Hellenic Shipping News]- Northwest European diesel barge refining margins declined on Monday as Chinese exports were set to rise, helping alleviate supply concerns in the West.

 

No diesel barges traded in the afternoon trading window for a second day. There was no trading activity in the cargo market, too.

“U.S. distillate inventories are just barely higher than at this time in 2022, but Chinese exports seem to be ramping up like they did last year, which should prevent really bad shortages,” said John Kilduff, partner at Again Capital LLC in New York.

Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell by 4.6% in the week to Thursday, data from Dutch consultancy Insights Global showed. At 1.827 million tons, gasoil stocks were at their lowest since December 2022.

U.S. distillate stockpiles, which include diesel and heating oil, fell last week by 1.8 million barrels to 117 million barrels, versus expectations for an 800,000-barrel drop, EIA data showed.

Low water levels along the Rhine river and long waiting times at ARA terminals have pushed barge rates higher in recent days, traders and brokers said.

Barges heading to inland markets can load around 50% of capacity due to the low water levels, though inland demand remains strong ahead of winter, they added.

 

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