Europe Distillates-Diesel profit margins edge higher

By Reuters News

- Northwest European diesel refining margins rose by 1.7% on Friday as Ukrainian attacks on Russian refineries resumed.

  • Low-sulphur gasoil futures traded at a $70.70 per barrel premium to Brent crude futures by 1636 GMT, $1.15 higher than the previous close.

  • Ukraine resumed strikes on Russian oil refineries with an overnight attack on facilities in Samara region, Russia's Deputy Prime Minister Alexander Novak said on Friday.

  • Moscow plans to export 2.15 million metric tons of diesel in November, Novak said, as cited by Russian media.

  • TotalEnergies TTEF.PA will cut diesel prices to €2.15 ($2.40) a litre in around 700 gas stations across France on Saturday, it said, about 9% lower than the current national average, as it continues to undercut competitors at a time of near-record fuel prices.

  • Gasoil and diesel stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub were down 3% at 1.72 million tons, data from Dutch consultancy Insights Global showed on Thursday.

  • Jet fuel stocks independently in the ARA hub fell to their lowest since 2014 on the week, the data showed.

  • US oil majors ExxonMobil XOM.N and Chevron CVX.N both beat analyst expectations for quarterly profit on Friday, as soaring refining margins increased earnings from their fuel-making businesses — which typically have smaller profits — to rival the upstream segments.

  • Valero Energy VLO.N said on Friday it agreed to acquire the idled Houston refinery site owned by a subsidiary of LyondellBasell Industries LYB.N for $320.5 million.

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0.1 GO Barge

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Diesel

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Nov +$12

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0.5% barge fob ARA per ton

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ICE Low Sulphur Gasoil

Previous Close

ICE Low Sulphur Gasoil futures vs Brent futures (per barrel)

$70.70

$69.55

Diesel spread

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