Outright prices for all middle distillates fell further Friday as ICE 0.1% gasoil futures fell to a 15-month low.
The ICE 0.1% gasoil futures September contract was assessed at $851.25/mt London 4.30 pm time Friday, its lowest level since May 31, 2013, when the contract fell to $843.75/mt.
Crude oil futures retreated in midday European trade Friday after poorer-than-expected signs of US growth and as a sharply stronger dollar was seen depressing demand for oil.
Brent futures fell further in London morning trade Monday, falling below $100/barrel for the first time since late June 2013 after news of an unexpected fall in Chinese imports. As a result of the fall in Brent, the ICE gasoil future contract fell below $850/mt before midday.
Analysts said the weak US economic data of late last week was also still weighing on the market.
"This morning, Brent futures extended declines in early trading as the recent disappointing US employment data weighed on market sentiment and raised serious concerns about a possible slowdown in the US oil demand for the upcoming months," Myrto Sokou at Sucden Financial said in a note Monday.
The outright price of CIF Northwest European jet cargoes fell to $909.50/mt Friday, its lowest level since May 31, 2013, when it reached $909/mt.
Outright prices for CIF NWE diesel cargoes and FOB Rotterdam diesel barges also sank further Friday, hitting $874.75/mt and $865.25/mt respectively, also their lowest levels since May 31, 2013.
Outright prices for CIF NWE gasoil cargoes and 0.1% Rotterdam barges fell to the same 15-month lows to $858.75/mt and $849.25/mt, respectively.
Middle distillates have been under pressure as supply in Northwest Europe continues to outweigh demand, with distillate stock levels in the Amsterdam-Rotterdam-Antwerp region 35.2% higher year on year, and 10.5% above the five-year average, according to the latest data released by BNP Paribas.
