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LONDON: Benchmark diesel refining margins in northwest Europe fell to their lowest since late January as imports into the region were seen rising.
Tankers carrying around 1 million tonnes of diesel have been booked to load in April from the US Gulf Coast to northwest Europe and the Mediterranean, according to shipping data.
At least 600,000 tonnes of diesel have been booked from the Middle East and India to load in April.
Inland demand remained weak due to warmer weather and as the agriculture season has yet to begin, traders said.
Hellenic Petroleum issued a tender to sell a 30,000 tonne cargo of A-1 jet fuel between April 15 to 20, according to a tender document.
For the latest European refinery outages: REF/E
GASOIL
No barges or cargoes of gasoil with 0.1 percent sulphur content traded.
No barges of 50ppm gasoil traded.
April Low Sulphur Gasoil futures were down $7 a tonne at $328.75 a tonne by 1602 GMT.
The April and May contracts were trading in a contango of $4 a tonne, 25 cents wider than on Friday. Diesel refining margins stood at $7.20 a barrel, down from $7.55 a tonne.
DIESEL
Twenty diesel barges, of which 11 are for prompt delivery traded at discounts of $4.75-$5 a tonne fob ARA versus April diesel futures, compared with $3.50-$4.50 a tonne on Friday.
Barges for later delivery traded at discounts of $2-$3 a tonne fob ARA.
Glencore, Gunvor, and Litasco sold to BP, FST, Rolympus, Vitol and Shell.
No cargoes traded.
JET FUEL
KLM sold to BP and Shell a barge at $24 a tonne fob ARA above the April diesel futures.
No cargoes traded. Vitol offered two cargoes while BP bid for two.
FUEL OIL
Barges with a sulphur content of 3.5 percent traded at $135-$137.50 a tonne fob ARA, down from $140.50-$144 a tonne on Friday.
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