NW Europe MGO splits wide open; Brazil and US Atlantic stems reset lower

Crude sits at $106.32/bbl Brent and $93.46/bbl WTI, with EUAs at EUR 86.78/t. The split of the day is NW European distillate: Hamburg MGO printed 1804.25 (+339.25) while Rotterdam held at 1430 (+11.5) and Antwerp eased to 1451 (-5). That puts the Hamburg-Rotterdam gap at 374.25/mt — 449,100 USD on a 1,200-tonne stem. Against Antwerp the gap is 353.25/mt, or 423,900 USD on the same stem. Set against that: one added deviation day at 15,000 USD hire plus, say, 30 mt of fuel burned at Rotterdam VLSFO 693.25 comes to 15,000 + 20,797.50 = 35,797.50 USD — under nine percent of the headroom. Readers will judge whether the Hamburg print holds.