Europe Distillates Diesel cracks rise after crude slips

LONDON, Jan 24 (Reuters) - Northwest European diesel barge margins rose on Monday above $16 a barrel after sharp drops in crude prices.

  • Refiners globally are reaping the highest profits from gasoil production in years on stronger than expected demand and tight supplies despite concerns about the Omicron coronavirus variant's impact on the world economy. read more
  • Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area fell 8% to 1,686 million tonnes in the week to Thursday, data from Dutch consultancy Insights Global showed.
  • Gasoil stocks were well below their five-year average for this time of the year of around 2.475 million tonnes.
  • Royal Dutch Shell said on Wednesday it plans to carry out major maintenance work at its Pernis oil refinery in the Netherlands in the coming five months.
  • Diesel imports from Asia and the Middle East into Europe were set to drop sharply this week, with just one tanker with a 42,000 tonne cargo set to discharge, compared with 320,000 tonnes last week, according to Refinitiv analysts.

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Reporting by Ron Bousso; Editing by Aditya Soni

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