LONDON: The diesel crack edged slightly lower on Friday, underpinned by tighter regional supplies due to smaller Russian exports and maintenance at major refineries like Shell's Pernis.
Trade on the Rhine was hampered by the lowest water levels since early January. Vessels cannot be fully laden so freight costs are rising, stifling inland business.
Egypt has not received October allocations of petroleum aid from Saudi Arabia, traders told Reuters, forcing its state oil buyer to rapidly increase tenders despite a severe dollar shortage and growing arrears to oil producers.
The Saudi aid to Egypt included 400,000 tonnes of gasoil and 100,000 tonnes of fuel oil. * The southeast United States is expected to hit fuel shortages due to Hurricane Matthew. About 10 million barrels of refined products storage lie in the path of the storm.
Global oil major BP plans to open up to 3,500 fuel stations in India, becoming the second overseas firm after Shell to chase rising demand for gasoil and gasoline in the world's fastest growing major economy. GASOIL
No barges of gasoil with a 0.1 percent sulphur content traded. Vitol offered one at a $10 discount to October diesel futures. * No barges of 50ppm gasoil traded.
October Low-Sulphur Gasoil futures were trading $7.50 a tonne lower at $461 a tonne at 1634 GMT.
The October contract traded at a discount of $1.50 a tonne to the November contract, 25 cents weaker than on Thursday.
Benchmark diesel refining margins were $10.67 a barrel, down from $11.04 at the close on the previous day. DIESEL
Barges of 10 ppm diesel traded at discounts of $1.00-$2.00 a tonne fob ARA to October diesel futures, up from discounts of $2.50-$3.00 a tonne fob ARA to October diesel futures on Thursday.
Vitol sold nearly all the 13 barges to Litasco. Glencore and Total each sold one to Litasco and BP also bought one from Vitol.
Vitol sold a cargo to BP on an exchange-for-physical (EFP) basis. JET FUEL * KLM sold a barge to Noble at an $18 a tonne premium to November diesel futures.
No cargoes traded. FUEL OIL * Barges of 3.5 percent sulphur content fuel oil traded at 263.75-266 a tonne fob ARA, up from $262-$262.50 a tonne on Thursday.
Comments
Comments are closed for this article.