Europe Gasoline/Naphtha-Gasoline cracks gain after US stocks drop
LONDON, Nov 15 (Reuters) -Northwest European gasoline refining margins rose by around 50 cents to $7 a barrel on Friday after sharp drops in U.S. stocks last week and as exports were set to rise.
A total of 8,000 metric tons of Eurobob E5 traded down from 16,000 tons in the previous session. Gunvor and Litasco sold to Shell and Exxon.
Another 3,000 tons of Eurobob E10 barges traded. Gunvor sold to Trafigura and BP.
U.S. gasoline inventories fell to their lowest levels in two years as fuel supplies drew down unexpectedly last week amid strong demand, the Energy Information Administration (EIA) said on Thursday.
Gasoline stocks USOILG=ECI fell 4.4 million barrels in the week to Nov. 8 to 206.9 million barrels, their lowest since November 2022, compared with analysts' expectations in a Reuters poll for a 600,000-barrel build.
Meanwhile, gasoline stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 3.7% to 1.16 million metric tons in the week to Thursday to their highest since April, data from Dutch consultancy Insights Global showed.
Gasoline exports from the EU and the UK in November to other regions are set to rise on the month to 1.08 million bpd from 776,000 bpd in October, according to Kpler data.
U.S. refiner margins for gasoline and diesel will be relatively unchanged next year, the U.S. Energy Information Administration said on Wednesday, signaling relief for fuel producers who saw profits slump sharply since 2022 on slowing demand growth.
The International Energy Agency expects OECD European gasoline demand to grow by 90,000 bpd this year, slightly below last year's 100,000 bpd figure, it said in its monthly oil market report on Thursday.
Trade | Bid | Offer | Prev. | Seller | Buyer | |
Ebob Barges MOC Platts E5 (fob ARA) EUROBOB-ARA | $668 | |||||
Ebob Barges E10 Platts (fob ARA) | ||||||
Ebob Barges Argus E5 (fob AR) | $652.75-$653 | $659.50 (17KT) | Gunvor, Litasco | Shell, Exxon | ||
Ebob Barges E10 Argus (fob AR) | $663.25 | $664 (6KT) | Gunvor | Trafigura, BP | ||
Dec swap (fob ARA) | $659.75 | $657.50 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | $667-$676 | $662 | Petroineos, Trafigura | Musket, Trafigura | ||
Cargoes (fob MED) | ||||||
Cargoes (cif NW E) | ||||||
Naphtha (cif NW E) NAF-C-NWE | Balmo Nov +$1 |
Ebob crack (per barrel) | $7 | Prev. $6.44 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
Reporting by Ron Bousso; Editing by Shailesh Kuber
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