LONDON, July 4 (Reuters) - Gasoil and diesel premiums were
steady in northwest Europe on Thursday after a stocks report
showed that inventories remained near 2013 lows.
Gasoil stocks inched up 1.6 percent to 1.897 million tonnes
after hitting their lowest in 2013 last week, according to data
from Dutch oil analyst Pieter Kulsen released on Thursday.
Another report on stocks in the region, published by
Genscape for the week to June 28, showed that gasoil stocks fell
9.2 percent to 2.36 million tonnes.
Total capacity utilisation fell to 45.4 percent from 49.2
percent the previous week, the report said, as backwardation
continues to make holding the product in storage uneconomical.
Providing some support to distillate markets in the
Mediterranean, Turkish refiner Tupras issued a tender to buy
gasoil for delivery on July 23-25. It was expected to close on
Some oil traders said the military intervention in Egypt
that removed President Mohamed Mursi had little immediate impact
'Nothing (has been affected) at the moment. Maybe more
demurrage as there is no one to sign invoices yet, so more
delays on delivery in the short run,' said source at a trading
house, in charge of shipping clean fuels.
But others questioned how long Egypt would be able to
sustain energy payments in the current state of unrest.
'I think there is going to be a mess there. They have no
money to continue to subsidise energy,' said another trader.
* One barge of 0.1 percent gasoil traded at $1 a tonne fob
ARA premium to July ICE gasoil futures, up from flat to 50 cents
a tonne on Wednesday.
* Vitol sold the barge to Shell.
* One barge of 50 ppm gasoil traded at $14 a tonne fob ARA
over July ICE gasoil futures, below Wednesday's $15/$16.50 a
tonne bid/offer spread.
* July ICE gasoil futures were unchanged at $903.25
a tonne at 1537 GMT.
* The ICE gasoil crack was at $15.35 a barrel,
up slightly from the previous close at $15.08 a barrel.
* The backwardation for July/August widened
further, to trade at $4.75 a tonne, up from $3.00 a tonne the
* Some 12 diesel barges traded at premiums to July ICE
gasoil futures of $15.50-$17 a tonne fob ARA, largely in line
with Wednesday's $16-17 a tonne range.
* Shell and Morgan Stanley were the only buyers, picking up
barges from Litasco, Chevron, Vitol and Licorne.
* BP bought two cargoes in the northwest at $20 and $23 a
tonne over July ICE gasoil futures, and a third in the
Mediterranean at $20 a tonne over July ICE gasoil futures.
* No jet fuel barges traded. Vitol bid at $60 a tonne fob
ARA over July futures, and also offered a barge. The last window
deal was done on Tuesday at $57 a tonne premiums.
* No cargoes traded either. BP bid at CCM plus $2 while
Vitol offered at CCM plus $3.00.
* Barges of low sulphur fuel oil (LSFO), with 1 percent
sulphur content, were discussed at $597-$602 a tonne fob ARA,
down from $603 a tonne fob ARA on Wednesday.
* High sulphur fuel oil (HSFO) barges, with 3.5 percent
sulphur content, traded at $584.50-$585.50 a tonne fob ARA, up
marginally from $583.50-$584.50 a tonne on Wednesday.
(Reporting by Jessica Donati; Editing by Anthony Barker)
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