Chemical News
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European diesel outright prices at 15-month lows on weaker ICE gasoil futures
https://www.chemnet.com Sep 04,2014 Platts
Outright prices for ultra low sulfur diesel across Europe have fallen to their lowest in 15 months, tracking falls in the oil futures complex.
CIF delivered Mediterranean cargoes fell to $875.25/mt on Tuesday, Northwest European cargoes fell to $873.75/mt, and Rotterdam barges fell to $867.75/mt, all lowest since May 31, 2013, Platts data shows.
The ICE gasoil futures September contract closed at $854.50/mt Tuesday, its lowest level since August 18, when it was at $853.25/mt.
The fall in ICE gasoil futures tracked a sharp drop in ICE Brent oil futures Tuesday, when the contract dipped below $102/barrel, as Libyan production continues to ramp up, offsetting any geopolitical risk premium due to the conflicts in Ukraine and Iraq.
The European diesel/gasoil market has been faced with a supply glut after ample imports from the US and Russia combined with weak regional demand have caused rapid build-ups of gasoil/diesel in storage and a persisting contango in the ICE gasoil futures curve.
The latest inventory data from BNP Paribas highlights that Amsterdam- Rotterdam-Antwerp distillates stock levels are at 31.9% above the five-year average.
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