European spot product prices up across the board but margins were mixed

摘要

All of the products covered here posted week-on-week price rises despite demand-side pressure amid the tiiird round of lockdown measures in the UK and tight restrictions throughout other parts of Europe.Naphtha,fuel oil,and jet fuel got some support from sharp weekly stockdraws.Barge prices for ULSD gained 5.65% over the week to Jan.8 to end at f 448.75/mt,supported by indications that diesel shipments from the US are likely to remain low this month,while flows from die Middle East and Asia could fall sharply from Dec's 2.5MM mt(605K b/d),with only 1MM mt(242K b/d)booked so far,according to data from Refinitiv.The diesel crack spread in NWE closed the week 84￠/bbl lower,ending Jan.8 at $4.41/bbl,according to data from Reuters.The margin was pressured by stockbuilds on both sides of the Adantic.Middle-distillate inventories(excluding jet fuel)in the US soared by 4.20% over the week ending Jan.1 to hit an 11-week high,while US jet-fuel stocks surged by 6.19% to hit a 13-week high.European data showed that,in the week to Jan.8,gasoil inventories at the ARA hub grew from a three-week low to a three-week high,while jet-fuel stocks flipped from a six-week high to a two-week low.The ARA barge price for jet fuel was up by 5.94% to $468/mt.With Dated North Sea Brent assessed at $51.16/bbl on Dec.31 and $55.89/bbl on Jan.8,jet fuel's crack to the crude tightened from $5.47/bbl on Dec.31 to $4.11/bbl on Jan.8.