Europe Gasoline/Naphtha-Gasoline margins climb despite U.S. stock rise
LONDON, Dec 11 (Reuters) -Northwest European gasoline refining profit margins rose marginally to about $7.23 per barrel on Wednesday, despite a larger than expected build in U.S. inventories.
About 18,500 metric tons of Eurobob E10 traded in the Argus window, asShell, Sahara, Litasco, and Petroineos sold toExxonMobil, Varo, and BP.
Another 4,000 tons of Eurobob E5 barges traded, as Shell sold to Mabanaft and BP.
In the Platts window, TotalEnergies sold a 2,000 ton E5 barge to Varo.
U.S. gasoline stocks USOILG=ECI rose by 5.1 million barrels last week to 219.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.7 million-barrel build, the Energy Information Administration said.
Product supplied for gasoline, a proxy for demand, was at 8.8 million barrels per day (bpd) last week, up slightly from the prior week.
A 200,000 bpd crude unit at the Rotterdam oil refinery operated by BP BP.L was shut down on Dec. 10 because of an electrical problem, industry monitor IIR said, adding that the unit is expected to restart by Dec. 11. It wasn't immediately clear if the start-up went ahead on Wednesday.
Global commodities trading house Gunvor intends to mothball the processing units at its Europoort oil refinery in Rotterdam and use the Dutch site as a terminal only, a company spokesperson told Reuters.
Meanwhile, EU and UK gasoline exports were on pace to drop in December to around 583,000 bpd, down from 1.05 million bpd in November, which was their highest since August, Kpler data showed.
Trade | Bid | Offer | Prev. | Seller | Buyer | |
Ebob Barges MOC Platts E5 (fob ARA) EUROBOB-ARA | $683 | $679 (2KT) | TotalEnergies | Varo | ||
Ebob Barges E10 Platts (fob ARA) | ||||||
Ebob Barges Argus E5 (fob AR) | $676.50 (4KT) | $667.75 (6KT) | Shell | Mabanaft, BP | ||
Ebob Barges E10 Argus (fob AR) | $682.71 (18.5KT) | $672.36 (11KT) | Shell, Sahara, Litasco, Petroineos | ExxonMobil, Varo, BP | ||
Jan swap (fob ARA) | $679 | $674.25 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | ||||||
Cargoes (fob MED) | ||||||
Cargoes (cif NWE) | ||||||
Naphtha (cif NWE) NAF-C-NWE | Dec. - $2 |
Ebob crack (per barrel) | $7.23 | Prev. $6.96 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
Reporting by Ahmad Ghaddar; Editing by Toby Chopra
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
