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Diesel Arbitrage Into Europe From Asia to Remain Open: Sparta

DIESEL

European diesel gains have outpaced gains in Asia in the past week, opening the arbitrage for deliveries from the Middle East and the West Coast of India according to note from Sparta Commodities.

  • The East-West spread has widened to -$41/bbl from -$26.50/bbl during the past week.
  • A surge this month in diesel deliveries is being driven by EoS supply and that is expected to continue with the arb open, analyst James Noel-Beswick said in the note.
  • While the European diesel market is tight, a reduced autumn maintenance season will probably cap diesel cracks and spreads in the near future, according to Sparta.
  • The European refinery maintenance schedule this autumn will be lower than in previous years to reach an offline capacity of around 800kbpd during 4Q according to Wood Mackenzie.
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