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Europe Distillates-Diesel cracks firm on strong demand

Northwest European diesel barge refining margins rose sharply to about $41 a barrel on Friday on strong demand and despite rising regional stocks.

There was brisk buying activity in the afternoon trading window with BP buying nearly 21,000 metric tons of diesel on barges.

Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 3% in the week to Thursday, their first rise in five weeks, data from Dutch consultancy Insights Global showed.

Gasoil stocks rose to 1.92 million metric tons as imports into the region rose slightly, particularly from the Middle East, said Insights Global’s Lars van Wageningen.

U.S. distillate stockpiles, which include diesel and heating oil, rose last week by 700,000 barrels, versus expectations for a 240,000-barrel rise, EIA data showed.

Italy’s government postponed on Thursday a plan by one of the country’s most polluted regions to ban old diesel vehicles from towns and cities during working hours, an initiative that had sparked protests by motorists.
Source: Reuters (Reporting by Ahmad Ghaddar;Editing by Elaine Hardcastle)

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