European spot oil product prices rise

LONDON - European spot oil product prices rose yesterday, with middle distillates in the vanguard as thoughts turned again to winter fuel supplies.

By (Reuters)

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Published: Sat 11 Sep 2004, 10:50 AM

Last updated: Thu 2 Apr 2015, 12:50 PM

Gains of over four percent in US crude futures on Thursday after US crude stocks fell provided early impetus in Europe’s markets.

Gasoline prices were also stronger after a big draw in US gasoline stocks and heavy fuel oil prices strengthened amid perceptions of a more balanced supply picture in the Amsterdam-Rotterdam market.

Outright prices for middle distillates rose as benchmark IPE September gas oil futures expired up $3.25 at $397.50 after gaining $16.75 on Thursday.

The October contract was up $5.75 at $394.50 a tonne at 1221GMT.

Heating oil and diesel barge premiums were mixed, with prompt heating oil offered at flat to September gas oil before to the contract’s expiry.

This followed Thursday’s late dealings at Sept IPE -$2.50 and -$3 fob ARA for storage barrels.

Diesel sellers sought Sept IPE +$50 for prompt barrels, $2 down from Thursday’s late offers.

Eurograde 10ppm barges traded $7 higher at $423 a tonne fob basis Amsterdam-Rotterdam.

Barges traded early on at $420 and $421 a tonne fob AR. A barge of 50ppm material traded at $411 a tonne, and was later talked at $412-$416.

Naphtha September cargo swaps rose $5 to $415 a tonne cif NWE on gains in futures markets.

High sulphur fuel oil barge values firmed around $2.50 a tonne on the back of rising crude and distillate prices, though buyers and sellers stood apart in the early market.

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