LONDON: Benchmark diesel refining margins in northwest Europe retreated after sharp gains in the previous session, but a regional drawdown in inventories limited losses.
ARA gasoil stocks, which include diesel and heating oil, fell 4.2pc to 2.8 million tonnes in the week to Thursday, according to data from consultancy Insights Global.
Most US refiners whose plants are in the path of Tropical Storm Barry took steps on Friday to keep them running, even as forecasters warned that the second named storm of the season could become a hurricane just before landfall this weekend.
A recent Sonatrach tender to sell a jet cargo for 8-12 July loading was picked up by BP, market participants said. This was the first tender from the Algerian company in around three months, as a lot of its jet volumes were committed through term sales to Cuba, sources said.
Water levels along the Rhine river, a key waterway for transporting commodities and other products from coastal areas to inland locations in France, Germany and Switzerland, fell to their lowest since May 21, Refinitiv Eikon data showed.
Levels at the Kaub location in Germany hit 201 centimetres and have been steadily declining since late June, the data showed.
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