Diesel cargo prices were supported in both NWE and the Mediterranean by refinery maintenance as well as limited arbitrage opportunities from the US Gulf Coast(USGC).European diesel demand is expected to pick up in April as driving tends to increase and agricultural work heightens.With the exception of a cold snap in Jan.,heating-related demand for gasoil in Europe was generally limited by mild temperatures throughout this past winter.As many as six newbuild VLCCs were reportedly heading to Europe carrying gasoil;diree of them were said to be discharging in West Africa in late March.Mild temperatures in Asia pressured the jet fuel/kerosene market there,resulting in excess volumes being pushed toward Europe.By the end of 1Q,European prices were low enough that Indian and Middle Eastern jet fuel cargoes were being sent eastward.Until holiday and summer travel picks up,the jet fuel market could remain under pressure.
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