European products little changed after US weekly oil statistics

London (Quantum Commodity Intelligence) - Brent maintained yesterday's falls Wednesday after a neutral U.S government weekly oil market which saw a bearish 600,000 barrels build in crude stocks countered by a smidgeon 100,000 barrel rise in gasoline stocks, and a 1.1 million barrel drop in distillate stocks.

A force majeure was put in place in Libya as a result of the budget dispute with the country's central bank which the National Oil Company said it may extend to other ports and export locations, not just Hariga.

India continued to see a spike in Covid-19 infections.

Products

Naphtha and propane cargo prices were steady.

Gasoline saw large falls in Eurobob E5 and E10 barges as the grades corrected in line with yesterday's sharp falls in the oil complex. The Eurobob E10 barge price tumbled $28/mt ($3.36/b) and the E5 barge fell $8.75/mt ($1.05/b). But premium unleaded barges in AR were more reflective of gasoline today, slipping just $1/mt from yesterday amid a solitary trade, and consolidating Tuesday's losses.

Jet barges climbed $2/mt and jet cargoes fell 25 cts/mt on the back of an offer. Jet barges traded three lots and reflecting the mildest of backwardation in the nearby curve, against the contango in the paper. A very prompt loading barge in FARAG traded at $20.25/mt above May Low Sulfur Gasoil futures, while there was another two for loading April 30 to May 4 at a premium of $20/mt above Low Sulfur Gasoil futures. Jet cargoes in north Europe were offered at May Low Sulfur Gasoil futures plus $21.50/mt.

Diesel prices nudged $1.50 to $1.75 higher. Gasoil 50ppm sulfur barges maintained their recent strength, and gained $2.75/mt.

Fuel oil was little changed amid flattish Brent and Low Sulfur Gasoil futures, but there was a $3.75/mt gain in low sulfur fuel oil.