European diesel margins remained anchored near record highs Wednesday as low-sulphur gasoil futures traded at $76.39 per barrel above Brent crude at 1615 GMT, up 22 cents from the previous close.
The resilience in European refining spreads came despite an unexpected increase in U.S. distillate stocks. American distillate inventories, which encompass diesel and heating oil, rose by 0.8 million barrels last week, pushing total stocks to 104.2 million barrels, according to data from the Energy Information Administration released Wednesday.
The build came in sharp contrast to forecasts from analysts polled beforehand, who had expected a drawdown of 1.3 million barrels. Meanwhile, distillate stocks on the U.S. East Coast fell to a record low, according to the EIA figures.
European margin strength was likely bolstered by supply concerns following disruptions at one of Russia's largest refineries. Surgutneftegaz announced that its Kirishinefteorgsintez (KINEF) plant had halted crude processing after a drone strike on August 30 damaged processing units, according to two industry sources familiar with the matter.
The KINEF disruption adds to broader uncertainties surrounding refined-product supply flows, even as U.S. inventory data showed an overall accumulation that surpassed market expectations.
