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German Diesel Import Margins Edge Higher

OIL PRODUCTS

Declining diesel stocks and increased domestic prices in Germany are supporting import margins, despite low actual import demand, according to Argus.

  • German end-consumer diesel tank levels averaged 57% in the week to Feb. 2, compared to 63% in mid-Jan.
  • Insights global data showed a 15% increase in ARA diesel stocks amid increased diesel exports from the US.
  • This has boosted Germany’s diesel import prices vis a via the ARA. Falling barge freight rates on the Rhine has also made lower Rhine imports profitable.
  • Despite this, sources told Argus that demand continues to remain low amid soft appetite from the construction industry and agriculture. Argus noted that January’s demand was roughly on par with previous years.
  • Argus added that German refineries are most running without restriction and domestic production is meeting current demand.
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