Oil traders are ramping up diesel exports from Asia and the Middle East to Europe in October to profit from a wide price gap between the regions as weeks-long strikes at French refineries have tightened stocks, although a steep backwardation may cap volumes, according to trade sources and shipping data.
The price spread between front-month Singapore 10 ppm sulphur gasoil swaps and the ICE low sulphur gasoil futures contract, also known as exchange of futures for swaps , was close to minus $150 a tonne on Wednesday, versus minus $29 a year ago, data on Refinitiv Eikon showed, making it attractive for traders to send oil to Europe.
Exports from India and the Middle East for October to northwest Europe were at around 480,000 tonnes and 834,000 tonnes respectively, compared with 361,000 tonnes and 511,310 tonnes a month ago, the data showed.
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