Diesel and gasoil stocks in ARA hit 2021 low

London (Quantum Commodity Intelligence) - Diesel and gasoil stocks held in independent storage in ARA hit a year low over the week to April 22, the lowest this year, according to a media report of data from Dutch consultancy Insights Global showed.

Inventories stood at 2.09 million tonnes on Thursday, down 8% from a week earlier.

But refining margins for ultra-low sulfur diesel in the ARA trading hub slipped lower over the week to around $4/b above Brent futures by Thursday, down 25 cts/b from a week earlier, according to Quantum data. 

Meanwhile, gasoline stocks in ARA fell by more than 6% to 1.18 million tonnes as trans-Atlantic exports picked up ahead of the summer season.

But, again, there was little improvement in the refining margin for premium unleaded gasoline barges in ARA this week, which was barely changed at around $10.25/b above Brent futures from Thursday to Thursday.

ARA jet fuel inventories rose 1.5% to 875,000 tonnes.

Jet demand remains in the doldrums amid the Covid-19 pandemic, and refiners have cut production to the bone to match poor demand. The spot jet barge crack versus Brent was still more than $1/b lower than Brent on Thursday.