Europe Distillates/Fuel Oil-ICE gas oil falls below key support

LONDON, Aug 14 (Reuters) - ICE gas oil futures fell below
the 14-day moving average for the first time in one month on
Friday due to a seasonal dip in demand between the summer
driving and winter heating seasons.

Differentials on physical gas oil and diesel also dipped.

ICE GAS OIL FUTURES

* ICE gas oil LGOc1 fell below the 14-day moving average
for the first time since July 17, according to Reuters data.

* September gas oil fell as low as $582.25 a tonne before
trading $24.75 lower at $583.25.

* The fall in gas oil prices surpassed that of crude oil and
its crack to Brent futures narrowed to $6.11 a barrel from $7.94
at Thursday's close.

* Inter-month spreads were in $7-$8.50 contagno across the
curve into December. NEWOILOIL

* There was still some inquiry for gas oil for storage
demand. But traders did not hear of any tanker bookings for
storage in Europe this week, they said.

* The arbitrage from the United States was seen improving
slightly. That from Asia was closed, they said. [PRO/U]

DIESEL

* Barges of 10 ppm diesel traded at premiums of $5/$7 a
tonne fob ARA to September ICE gas oil futures, dropping
slightly from Thursday's deals at $6/$7 premiums.

* Swedish refiner Preem bought two cargoes of diesel with
the UK summer pipeline spec at September plus $15 and $16 a
tonne cif NWE from BP and Total.

GAS OIL

* Barges of gas oil with 0.1 percent sulphur traded at
discounts of $9/$10 a tonne fob ARA to September futures.

JET FUEL

* Jet fuel traded at September plus $22 fob ARA.

REFINERY OUTAGE

* BP plans to shut a FCC at its Rotterdam refinery in
September for two months. [ID:nLE488179]

* Petroplus said on Wednesday it has shut the whole of its
Cressier refinery in Switzerland and reduced operation at its
Reichestett plant in France following a pipeline incident.

The other two refineries connected to the SPSE pipeline have
been operating normal, operators Total and Miro said.
[ID:nLD722966]

GERMAN STOCKS [PROD/DE]

* German residential heating oil stocks rose to 64 percent
of capacity on July 1 from 63 percent on June 1, a trade source
said on Friday.

DISTILLATE SWAPS

* Jet fuel swaps for September traded at $38 a tonne fob NWE
but otherwise traders reported thin volumes across the curve.

* The backwardation between September and October shrank to
$1 from $1.50 on Thursday.

FUEL OIL <EURO/DIFF/FO>

* Barges of high sulphur fuel oil (HSFO) with 3.5 percent
sulphur traded at $408-$409 a tonne fob ARA, down from
Thursday's deals at $420-$423.

* The gains in HSFO prices were limited compared with crude
oil and its crack to dated Brent BFO- narrowed to $6.95 a
barrel from $7.15 on Thursday.

* Falls in lower sulphur fuel oil's prices were limited,
compared with HSFO. Barges of low sulphur fuel with 0.1 percent
sulphur traded $5 lower at $436 a tonne fob ARA, with 1.5
percent sold at $429.

* HSFO was bid at the average barge price plus $14 a tonne
cif MED.

FUEL OIL SWAPS

* HSFO barge swaps fell sharply with September trading down
to $403.50 a tonne fob ARA from $420.50.

* But crack spreads strengthened across the curve with
September seen at minus $8.55 a barrel compared with minus $9 on
Thursday.

* The premium of low-sulphur cargoes to high-sulphur barges
was $18.75 for September.

(Reporting by Emma Farge and Ikuko Kurahone in London,
additional reporting by Rebekah Kebede in New York, Editing by
Peter Blackburn)