German gasoil demand remains slow on backwardated futures market

27 September 2013 20:05  [Source: ICIS news]

LONDON (ICIS)--Trades are few and far between in the German gasoil cargo markets as the futures market at the Intercontinental Exchange (ICE) continues to be backwardated, industry sources said on Friday.

The ICE gasoil futures market briefly slipped into a contango on Tuesday, but remained backwardated for most of the week. On Friday at 15:30 GMT, November ICE gasoil futures traded $1.25/tonne (€0.93/tonne) lower than the market for October, at similar levels to last Friday.

"[There is] really not too much trade," a 50ppm gasoil trader said.

In the gasoil barges market, premiums slipped midweek to minus $0.25/tonne over October ICE gasoil futures.

Meanwhile, independent stock data from the ARA region reveals gasoil stocks are down from the previous week.

($1 = €0.74)

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By: Cuckoo James
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