VGO premiums higher in Med vs northwest Europe on better fundamentals

01 November 2013 15:43  [Source: ICIS news]

LONDON (ICIS)--Vacuum gasoil (VGO) premiums against ICE Brent crude oil futures were firmer in the Mediterranean than in northwest Europe, sources said on Friday.

A VGO trader said the unusual difference in premiums between the two regions was due to a better balanced market in the Mediterranean when compared with northwest Europe.

On Friday, premiums in the low-sulphur (LS) Mediterranean VGO markets stood at $1.50/bbl versus $1.00/bbl in northwest Europe.

Meanwhile, high-sulphur (HS) VGO premiums in the Mediterranean was trading at a premium of $0.50/bbl on Friday versus trades at parity with ICE Brent crude oil futures in northwest Europe.

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By: Cuckoo James
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