Northwest European diesel barge profit margins fell to around $39 a barrel on Monday on lower trade prices and as underlying crude values rose.

Germany’s economy ministry is optimistic that Kazakh oil can help supplement replacement crude oil shipments for the eastern German refinery at Schwedt that will no longer import Russian oil under European Union sanctions, it said on Monday.

China’s diesel and gasoline exports continued to surge in November, hitting their highest levels since June and May 2021 respectively, as refiners dashed to use up their 2022 export quotas and sell down rising inventory.

Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area were up 2% in the week to Thursday, data from Dutch consultancy Insights Global showed.

Gasoil stocks also rose as buyers imported more from Russia ahead of a Feb. 5 ban on imports of refined Russian products, van Wageningen said.

But overall diesel imports this month are set to fall compared with November.

Diesel imports into Europe are so far set at 5.79 million tonnes in December, compared with a record total of 7.18 million in November, Refinitiv data showed.
Source: Reuters (Reporting by Rowena Edwards)