Europe Distillates-Diffs on gas oil cargo turn positive

LONDON, June 23 (Reuters) - Differentials on gas oil cargoes
were supported at premium levels on Tuesday due to an import
tender issued by Egypt earlier this week.

ICE gas oil futures rose, trimming its biggest one day loss
in 2009 on the previous day. Its crack traded in a technical
range, traders said.

GAS OIL

* Differentials on gas oil recovered further due to support
from an import tender issued by Egypt.

* Cargoes of gas oil with 0.1 percent sulphur were bid only
as high as premiums of $1.25 a tonne cif NWE for the German
industry spec. The lowest bid was $4 discounts.

* The activity in the Mediterranean was limited on Tuesday,
after both 0.1 percent and 0.2 percent cargoes rose to premium
levels on Monday.

* On Monday, 0.1 percent gas oil traded at July plus $5 a
tonne cif MED and 0.2 percent was bid at July plus $2.50/$3.

* Barges of gas oil with 0.1 percent sulphur traded at
discounts of $5/$7 a tonne fob ARA, up from $9/$12 discounts.

EGYPTIAN TENDER

* A tender issued by Egypt has supported gas oil
differentials this week.

* Egyptian General Petroleum Corp (EGPC) is looking to buy
45 cargoes each carrying about 30,000 tonnes of gas oil with 0.2
percent sulphur, for delivery to Suez in the Red Sea and
Alexandria in the Mediterranean for July-December, traders said.
[O/TEND]

DIESEL

* Premiums on physical diesel firmed. Barges of 10ppm diesel
traded at July plus $12.50/$13 a tonne fob ARA, compared with
July plus $10/$12.50 on Monday.

* In Northwest Europe, the French summer spec was sold at
July plus $14 a tonne cif, down by $1 from Monday. The same spec
was bid at July plus $15 in the Mediterranean.

JET FUEL

* Jet fuel cargo premiums firmed on Tuesday to bid at
premiums of $55 a tonne cif NWE and offered at $56/$55 premiums,
compared with a trade at a $54 premium on Monday.

* Two cargoes traded from Vitol to BP at parity to the
average spot quote.

* A 2,500 tonne barge traded at July plus $49 a tonne fob
Rotterdam.

* Cargo swaps marginally rose. July was at $56.50/$58.00 a
tonne cif, up from $56.50/$57 on Monday. August was
$54.00/$54.50.

ICE GAS OIL

* July ICE gas oil futures rose by $11.50 to $559.50 a tonne
by 1715 GMT, after making the largest one day loss of $32.50 in
2009 on Monday. The prompt crack to Brent futures LGO-LCO1=R
was supported around $8.30 a barrel due to technical trading.

* The contango between July and August was 25 cents narrower
than on Monday at $10.75 a tonne.
(Reporting by Emma Farge and Ikuko Kao; editing by James
Jukwey)