Europe Distillates-Diesel profit margins edge lower
LONDON, Nov 2 (Reuters) - Northwest European diesel refining margins eased on Monday as growing hopes for a diplomatic end to the Iran war weighed on prices.
Low-sulphur gasoil futures traded at a $69.56 per barrel premium to Brent crude futures by 1712 GMT, 50 cents lower than the previous close.
The world has eroded its supply buffers by draining nearly 1 billion oil barrels from global inventories since the US-Israeli war on Iran disrupted shipping through the Strait of Hormuz, the CEO of Abu Dhabi's state-owned oil company ADNOC said.
Diesel stockpiles in some areas are at 35-year lows for this time of the season, while others face an LNG supply gap of 600 billion cubic feet, Sultan Al Jaber said on Monday at the UAE's ADIPEC conference.
Eu-27 and UK diesel and gasoil imports reached 829,000 bpd in October, Kpler data showed, up slightly from 803,000 bpd in September. Jet fuel imports, meanwhile, rose to 594,000 bpd, their highest since September 2025.
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ICE Low Sulphur Gasoil futures vs Brent futures (per barrel) | $69.56 | $70.06 |
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