Europe Gasoline/Naphtha-Gasoline margins open week higher
LONDON, Nov 25 (Reuters) -Northwest European gasoline refining profits rose by around $1.16 on the day on Monday to $7.17 a barrel, as analysts expect higher exports out of the region this month.
A total of 11,000 metric tons of Eurobob E5 traded in the Argus window, with Gunvor selling to Shell and BP.
Another 19,000 tons of Eurobob E10 barges traded. Exxon, Gunvor, Musket and Shell sold to Varo, Trafigura, BP and TotalEnergies.
LSEG analysts forecast a four-month high in North West European and West Mediterranean gasoline exports in November at close to 3.4 million metric tonnes, on steady flows to West Africa and improved U.S. demand during the upcoming Thanksgiving holidays, LSEG analyst Abdul Hadhi wrote in a note.
"Eurobob gasoline crack spreads rose last week amid expectations of maintenance shutdowns limiting supply despite higher inventories in NWE as well as the US in the latest week," Hadhi added.
China has issued an additional crude oil import quota of at least 5.84 million metric tons (116,800 barrels per day) to independent refiners for cargoes arriving by end-2024 and in early 2025, people familiar with the situation said on Monday.
Trade | Bid | Offer | Prev. | Seller | Buyer | |
Ebob Barges MOC Platts E5 (fob ARA) EUROBOB-ARA | ||||||
Ebob Barges E10 Platts (fob ARA) | ||||||
Ebob Barges Argus E5 (fob AR) | $684 (11KT) | $684.50-$686 | Gunvor | Shell, BP | ||
Ebob Barges E10 Argus (fob AR) | $682 (19KT) | $686.50-$692.75 | Musket, Shell, Exxon, Gunvor | TotalEnergies, Varo, Trafi, BP | ||
Dec swap (fob ARA) | $663 | $681 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | $664-665 (2KT) | Petroineos | Musket | |||
Cargoes (fob MED) | Dec +$12 | |||||
Cargoes (cif NWE) | ||||||
Naphtha (cif NWE) NAF-C-NWE | Dec -$3 | Dec -$3 |
Ebob crack (per barrel) | $7.17 | Prev. $6.01 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
Reporting by Robert Harvey; Editing by Susan Fenton
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