US diesel exports to Europe dip on plummeting refining output
The decline in U.S. diesel prices and subsequent jump in their European counterparts, represented by the HOGO swap HO-LGO1=R, have re-opened arbitrage for U.S. diesel to move from the Gulf Coast to Europe for March and April arrivals, according to Sparta analyst James Noel-Beswick. Arbitrage from the U.S. Atlantic Coast for future months appears open also, James Noel-Beswick noted. At least three vessels carrying over 850,000 barrels of diesel from the U.S. Atlantic Coast will discharge at various European ports next month, according to Sparta and Kpler shipping data.
Reuters, February 26, 2024 – James Noel-Beswick from Sparta observed that the decline in U.S. diesel prices and the corresponding increase in European diesel prices have re-opened arbitrage opportunities for U.S. diesel to be shipped to Europe for March and April arrivals, including from both the U.S. Gulf Coast and Atlantic Coast.
Real time alerts, set to your specifications
Continue reading
Time for physical to shine
Lack of deal breakthrough should see global refining step out to buy up barrels.
11 MAY 26 - 13:01
The calm in physical won’t last forever
Plenty market chatter about the incredible weak state of crude diffs with North Sea almost below...
08 MAY 26 - 13:01