Europe Distillates-Diesel Edges Higher, Russia Lifts Ban


Northwest European diesel barge refining margins edged slightly higher to $27.70 a barrel on Friday after Russia said it had lifted a ban on most exports of the fuel.

Russia’s government said on Friday it had lifted a ban on pipeline diesel exports via ports, removing the bulk of restrictions installed on Sept. 21.

Diesel is Russia’s biggest oil product export, at about 35 million tonnes last year, of which almost 75% was shipped via pipelines. Russia also exported 4.8 million tonnes of gasoline in 2022.

Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub dropped by 3.8% in the week to Thursday, data from Dutch consultancy Insights Global showed.ARA/

The drop in gasoil stocks was due to strong demand in northwest Europe and the Mediterranean as a result of refinery maintenance, Insights Global’s Lars van Wageningen said.

Demand for gasoil in inland markets along the Rhine was at its lowest since July 2022, he added.

Low water levels along the Rhine meant that barges were able to load only around 50% of their capacity, Wageningen said.

Source : Hellenicshippingnews