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European gasoil, jet fuel swaps activity rises on physical flow

European 0.1% gasoil and jet fuel swaps activity has risen since the moveto a new specification for ICE gasoil futures early this year and amid ahealthy flow of material into the region, traders said.

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Around 9.9 million mt of CIF Northwest Europe jet cargo swaps were tradedfrom January-May, up 61% year on year, according to data gathered from the ICEBlock on activity before 4:30 pm London time each day.

ICE, a trading and clearing platform for middle distillate swaps inEurope, does not represent the entire volume of trade, but is responsible fora significant share of it.

Airlines, which typically trade through banks and other market operators,had actively taken part in the market, sources said, with plenty of liquidityin longer-dated contracts such as 2015 quarters and calendar 2016.

The 0.1% gasoil ARA barge swap contract saw volume rise 18% to 4.1million mt between January and May.

Meanwhile, the 0.1% gasoil cargo contract for the Mediterranean regionwas up 623,000 mt, or 91% year on year, while volumes in diesel cargo swapswere also up on the year following a pick-up in activity in February as aresult of supply issues in the US refinery system and a strong winter season.

By contrast, volumes traded for the ARA diesel barge swap market weredown 51% to 4.2 million mt, with traders saying the swap was now less usefulas a hedging tool following the change in specification of ICE gasoil futuresin January.

--Jhoan Cordoba, jhoan.cordoba@platts.com

--Edited by Dan Lalor, daniel.lalor@platts.com