Europe Distillates Diesel six-month backwardation at widest in 14 years

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LONDON, Jan 28 (Reuters) - European diesel's six-month spread hit its widest backwardation since March 2008 on Friday, reaching $66.25 a tonne on tight supplies, Refinitiv Eikon data showed.

  • Lower shipments from Asia and the United States have tightened supplies in Europe, pushing European benchmark diesel cracks well above the five-year average.
  • Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area dropped almost 4% in the week to Thursday, data from Dutch consultancy Insights Global showed.
  • Israel's ORL is planning to shut down its gasoline-making fluid catalytic cracker (FCC) at its 197,000-barrel-per-day (bpd) Haifa oil refinery for 30 days from mid-February, two trading sources told Reuters.
  • Israel's Paz Oil is planning a maintenance shutdown at its 100,000-bpd Ashdod oil refinery, two trade sources told Reuters.
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Reporting by Ahmad Ghaddar Editing by Paul Simao

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