Rally in diesel markets

The rally in the diesel market is finally materializing as European distillate cracks rose strongly this week, reaching 14 $/b for ICE Gasoil cracks – despite a timid rise in ARA distillate stocks – mimicking Asian distillate markets, as Singapore stocks hit new lows yesterday, down by 1 mb w/w. This need to resupply the Asian and European diesel markets sparked a rally in physical crude prices amid improving margins. Sokol, a distillate rich crude delivered to Asia, rallied above 5$ above Dubai. North Sea crude differentials to Dated brent are rallying strongly, even for Forties crude, a heavier stream. ICE Brent contracts for March delivery are now hovering around 85 $/b. Finally, Heating oil markets in the US are also hitting yearly highs, with the Heating oil crack (against WTI) hitting 28 $/b.

Share this news :
Share on twitter
Share on linkedin
Share on email

You might also read :

July 23, 2021

EUAs fell near 50€/t on profit taking

The power spot prices remained steady at 88.30€/MWh on average in Germany, France, Belgium and the Netherlands (+0.60€/MWh day-on-day) amid expectations of mostly unchanged fundamentals…
April 26, 2022

Covid wave in China triggered oil prices drop

Oil prices plunged yesterday, before recovering somewhat, in line with the US stock market: the ICE Brent front month fell to $99.5/b, before rebounding to $102.32/b…
January 29, 2021

EUAs rose amid stronger energy complex

The warming temperatures and soaring wind output continued to pressure the European power spot prices yesterday which fell to 48.84€/MWh on average in Germany, France,…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet?  Sign up here!