Markets

Europe Distillates-Diesel diffs strengthen on tight supplies

Published November 25, 2016 Updated November 25, 2016 08:12pm

LONDON: Diesel barge differentials in northwest Europe firmed on Friday as slower inflows into the region kept the market supported.

Refinery turnarounds at Middle Eastern refineries, and unplanned problems at units in the US Gulf, cut into Europe's imports.

Gasoil stocks independently held in Europe's Amsterdam-Rotterdam-Antwerp hub fell almost 4 percent to 2.614 million tonnes in the week to Thursday, the latest data from consultancy PJK International showed.

Lufthansa said on Friday it had made a new offer to try and break the deadlock in a long-running pay dispute and bring a three-day walkout to an end, including a pay rise of 4.4 percent and plans to create new jobs.

Pilots threatened on Friday to extend their latest strike.

China's October diesel exports are up 47.3 pct on the year to 1.36 mln tonnes, customs data showed.

US oil refiners are expected to have 803,000 barrels per day (bpd) of capacity offline in the week to Nov. 25, reducing available refining capacity by 165,000 bpd from the previous week, data from research company IIR showed on Friday.

Copyright Reuters, 2016