Europe distillates-diesel profit margins rise 5.7% on refinery maintenance
European diesel refinery profit margins rose by 5.7% on Tuesday, supported by upcoming maintenance at the region's largest oil refinery.
- Low-sulfur gasoil futures traded at $23.3 per barrel above Brent crude at 1542 GMT, up by $1.25 from the close on Monday, according to LSEG data.
- Shell plans to begin a major shutdown for maintenance at its 404,000-bpd Pernis oil refinery in Rotterdam from mid-September, according to a statement on the refinery's official X account (learn more). The maintenance shutdown is expected to be completed in November.
- A drop in Russian diesel exports also supported margins.
- Russia's seaborne diesel and gasoil exports fell 6% on the month in August to about 3.1 MM tonnes (t) as damage from Ukrainian drone strikes hit production, data from market sources and LSEG showed.
- EU and UK diesel and gasoil imports reached 1.22 MMbpd in August, according to data from Kpler, up from July's 1.02 MMbpd and their highest since November 2024.
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0.1 GO Barge diffs fob ARA per tonne <GO-ED-ARA> |
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0.1 GO Cargo diffs cif NWE per tonne <GO-CND-NWE> |
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0.1 GO Cargo diffs cif Med per tonne <GO-CND-MED> |
Sept +$16 |
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50ppm barge diffs fob ARA per tonne <GO50PPM-ED-ARA> |
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Diesel |
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Diesel barge diffs fob ARA per tonne <ULSD10-BD-ARA> |
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Diesel cargo diffs cif NWE per tonne <ULSD10-ANYD-NWE> |
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Diesel cargo diffs cif Med per tonne <DL-CIFD-MED> |
Sept +$14 |
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Jet fuel |
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Jet fuel barge diffs fob FARAG per tonne <JET-BD-ARA> |
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Jet fuel cargo cif NWE per tonne <JET-CD-NWE> |
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Fuel Oil |
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0.5% barge fob ARA per tonne |
$461 |
$464 |
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3.5% barge fob ARA per tonne <HFO-ARA> |
$392.5 |
$393.5 |
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ICE Low Sulphur Gasoil |
<LGOc1> |
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ICE Low Sulphur Gasoil futures vs Brent futures (per barrel) |
$23.3 |
$22.05 |
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Diesel spread |
<LGOc1-LGOc2> |
(Reporting by Ahmad Ghaddar; Editing by Mohammed Safi Shamsi)
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