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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

CMA CGM Intends Offer to Acquire NOL

Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.

Oman Shipping Makes Profit

Oman Shipping Company (OSC) reported a $180 million profit in 2015. Tariq bin Mohammed Al Junaidi, chief executive officer of OSC has been quoted by  Oman News

Korean Shipbuilder Could Be Liquidated

South Korea's STX Offshore & Shipbuilding Co. has filed for receivership, following massive losses that have mounted up over the past two years, says a report in the WSJ.

Energy

Strike In France: Implications for Tanker Demand

After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing

Floating Storage Flattens Fortunes of $50 Crude

The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism,

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

Fuels & Lubes

WSS: Post-combustion Fuel Treatment Cuts Vessel Costs, Risk

Wilhelmsen Ships Service, a provider of products and services to the shipping industry, is advising vessel operators to wage war on soot. According to WSS, soot

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

ABB Saves 700,000 tons Fuel for Marine Vessels

ABB’s environmental friendly Azipod propulsion system brings greater fuel efficiency to diverse shipping segments ABB today announced the total fuel savings

News

APM Terminals Bahrain Push for Safety, IT systems

Hidd, Khalifa Bin Salman Port, Bahrain - APM Terminals Bahrain, operators of Khalifa bin Salman Port (KBSP), has recently made significant advances in Safety performance

Seized Hanjin Shipping Vessel Resumes Operation in South Africa

Hanjin Paradip resume  its sailing from South Africa as talks continue with owner over unpaid charter fees. The ship had been detained in Richards Bay, South Africa

Deployment: The Transpacific Trade Steps Up To The Plate

In 2015, it was the Asia-Europe route which was the focus of changing deployment trends, says Clarksons Research.   This year, it is the Transpacific trade which

Barges

Bay Shipbuilding Delivers ATB to Moran

Fincantieri Marine Group’s Fincantieri Bay Shipbuilding (FBS) has delivered the Articulated Tug Barge unit (ATB) Barbara Carol Ann Moran and the 110,000-barrel

HUMMEL LNG Hybrid Barge Begins Second Season

For over one year the HUMMEL has been contributing to improved air quality at the port of Hamburg. Becker Marine Systems’ LNG Hybrid Barge will also be supplying

The MN 100: Apply Now

The August 2016 edition of MarineNews, the leading voice in the North American workboat market, will feature 100 leaders and innovators, including workboat owners and operators,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Winch
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: 0.1180 sec (8 req/sec)