30 April 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--Demand in the European jet kerosene market was more subdued this week, with ample supply available, sources said on Tuesday.
Shell was the only buyer in the barge market between 24 and 30 April, accounting for all seven trades.
Morgan Stanley was considerably quieter than in recent weeks, buying just one cargo, but no barges. The company purchased 25 barge parcels in April, equating to around 59,000 tonnes of product.
Three trades occurred in the cargo market with Shell picking up two cargoes; however supply continues to outstrip demand, with more offers than bids seen throughout the week.
Barge and cargo differentials neared parity, but by Tuesday cargoes had lost ground and where at $63/tonne and barges at $67/tonne.
While fewer shipping fixtures were seen, numerous cargoes have been fixed for Europe in the past few weeks, adding to the already long market.
Shipping sources noted around 195,000 tonnes of product fixed for the UK-continent for late April to early-May loading dates from the Middle East and India.
Prices in the European jet kerosene market edged up for most of this week, tracking gains in crude, before retreating on Tuesday to $912.75/tonne FOB (free on board) ARA (Amsterdam-Rotterdam-Antwerp).
($1 = €0.76)
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