Gasoline Firmer, Diesel Weaker on Supply

Posted by Michelle Howard
Tuesday, April 22, 2014

Gasoline barge swaps in northwest Europe strengthened over the week to Tuesday on the back of tighter supply and robust demand from overseas markets, but diesel swaps weakened as supply increased.

Gasoline barge swaps were supported by falling inventories in the United States and Europe at a time of rising demand.

"Low gasoline stocks are undoubtedly a key factor in gasoline's current strength, and any indication of further draws from the API and the EIA could keep the complex underpinned," analysts at JBC Energy said in a note.

Some analysts believe it will be difficult for U.S. refiners to replenish gasoline stockpiles adequately before the summer driving season officially starts on the Memorial Day weekend at the end of May.

Diesel and gasoil swap differentials fell on the week, with ample supply and relatively muted demand weighing on prices, traders said.

More imports into the region and the completion of refinery maintenance have increased supply before the onset of driving season has pushed up demand.

Gasoil stocks independently held at Europe's Amsterdam-Rotterdam-Antwerp (ARA) hub rose 11.4 percent to 1.573 million tonnes in the week to Thursday, data from Dutch oil analyst Pieter Kulsen showed.  "Russia is exporting more, and there is the end of maintenance in Europe," a trader said.


Gasoline

  • The April gasoline barge swap was trading at around $1,033.56 a tonne fob ARA on Tuesday, up from last Monday's $1,024.32 a tonne. The May swap was trading at $1,032.97 a tonne fob ARA, up from $1,022.01 a tonne last week.
  • The April barge crack swap was at around $13.70 a barrel, down from last Monday's $14.25 a barrel. The May crack swap was trading at around $13.95 a barrel, slipping slightly from last week's $14.08 a barrel.  


Naphtha

  • The April cargo swap was quoted at $931.12 a tonne cif NWE, almost unchanged from last week's $930.41 a tonne. The May swap was trading at about $922.17 a tonne cif NWE, up from $914.16 a tonne last Monday.
  • The April naphtha crack swap was at minus $4.71 a barrel, weakening from minus $3.03 a barrel last Monday. The May crack swap was trading at minus $5.56 a barrel, dropping from last week's minus $4.75 a barrel.
  • The East-West spread for May widened out to $16.50 a tonne, from around $14 a tonne last week. The June spread was also at $16.50 a tonne.   

    
Middle Distillates

  • The May ICE gasoil futures contract was down $4.25 at $923.25 a tonne by 1236 GMT with the May-June gasoil contracts <LGO-1=R> in a backwardation of $2.25 a tonne.
  • The April gasoil barge swap was at $922.88 a tonne fob ARA, up from $903.13 a tonne last week. The May swap traded at $921.56 a tonne fob ARA, compared with $901.43 last week.
  • The May diesel barge differential swap was at $15.20 a tonne fob ARA over ICE gasoil futures, down from a premium of $16.75 a tonne last week.
  • The May diesel cargo differential swap was at around $18.50 a tonne cif NWE, compared with $19.50 a tonne a week ago. The June swap was at around $18.80 a tonne.

        

Jet Fuel

  • The May jet fuel cargo differential swap was at $44.48 a tonne cif NWE, up from $32.80 a tonne last week.    

   

Fuel Oil

  • The premium on fuel oil with 1 percent sulphur content over fuel oil with 3.5 percent sulphur, known as the hilo, was at about $44.09 for May, up from $37.64 a tonne last week.
  • The hilo for June was at about $41.37.

    

 (Reporting by Claire Milhench and Simon Falush; additional reporting by Ron Bousso, editing by David Evans)

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Alaska Marine Lines Reduces Fuel Surcharge

Alaska Marine Lines, a marine transportation company providing barge service to and from Alaska and Hawaii, informs it has filed with the U.S. Surface Transportation

Bunkers International Files for Bankruptcy

U.S. based bunkering services firm Bunkers International Corp. announced August 28 that it has filed for reorganization under Chapter 11 of the Bankruptcy Code.

Asia-N.Europe Box Rates Jump 26 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday,

Energy

Harkand: Expanding the Fleet, Growing a Global Business

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO,

ME Production Receives Two Scrubber Orders

ME Production subsidiary Marine Exhaust Technology has been awarded a new contract for the DFDS vessel Finlandia sailing on the route Rosyth-Zeebrugge. The scrubber contract includes design,

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

News

Historic WW I Shipwreck Survey Underway

Partnering U.S. agencies have commenced surveying the historic shipwreck of an American lightship shelled and sunk by a German U-boat during World War I nearly 100 years ago.

Bollinger VP Fanguy Snags SNAME Award

Louisiana-based shipbuilder Bollinger Shipyards, LLC announced its vice president for quality management system, Dennis Fanguy, will receive the 2015 William M.

Deal Reached to End MyFerryLink Dispute

A deal was reached on Monday to save hundreds of ferry jobs at the northern French port of Calais, the French transport minister said, ending a dispute that has

Barges

Alaska Marine Lines Reduces Fuel Surcharge

Alaska Marine Lines, a marine transportation company providing barge service to and from Alaska and Hawaii, informs it has filed with the U.S. Surface Transportation

MN 100: Bouchard Transportation

The Company: Bouchard Transportation’s history dates back to its incorporation in 1918 by founder, Capt. Fred Bouchard, the youngest tugboat captain in the Port of New York.

ASL Shipyard Secures S$140mln Build Contracts

ASL Shipyard Pte Ltd. a wholly-owned subsidiary of ASL Marine Holdings Ltd., has secured new shipbuilding contracts worth approximately S$140 million for the construction

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.6481 sec (2 req/sec)