European Diesel Market Shows Signs of Tightening

Market spreads and futures prices signaled at the end of this week a tightening in the European diesel market, on the back of closed or restricted arbitrage opportunities for supply from both the United States and the Middle East. The prompt gasoil futures on the ICE exchange jumped to a premium over the next-month futures contract intraday on Friday, from a discount at Thursday’s close, according to data compiled by Bloomberg.

Gulf Coast to Europe, primarily due to high USGC freight rates, James Noel-Beswick, an analyst at Sparta Commodities, wrote in a note earlier this week. In addition, marginal diesel arbitrages from the Arabian Gulf and the West Coast of India continue to point East, the analyst noted. “This dynamic suggests that the bullish trend in European diesel prices is likely to persist until the USGC TA arbitrage reopens,” Noel-Beswick said.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fitch EU Tariffs on China's EVs Will Not Affect European MarketThe European Commission's provisional tariffs on imports of Chinese electric vehicles in the EU are not expected to materially impact the European market.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Chapel Allerton Market: Bustling Leeds market to welcome shoppers into new space after expandingA bustling monthly market in Leeds is set to unveil its exciting expansion this Sunday (June 2).
Source: LeedsNews - 🏆 48. / 63 Read more »

Wellington Market joins Love Your Local Market campaignWellington Market is participating in this year's highly anticipated Love Your Local Market Campaign.
Source: shropshirelive - 🏆 55. / 63 Read more »