Europe Gasoline/Naphtha-Gasoline margins tumble despite ARA stock drop
LONDON, Aug 15 (Reuters) -Northwest European gasoline refining margins dropped by around $1.88 to $11.34 a barrel on Thursday, even as independently held inventories in Amsterdam-Rotterdam-Antwerp (ARA) fell on the week.
Around 4,000 metric tons of Eurobob E10 barges were traded in the Argus window on Thursday, with Varo selling to TotalEnergies.
A further 4,000 tons of Eurobob E5 barges were traded, with Trafigura selling to BP and Mabanaft.
ARA gasoline stocks fell by 1% to 995,000 tons in the week to Thursday, according to data from Dutch consultancy Insights Global.
Stocks fell as transatlantic exports firmed, though inland demand weakened, said Insight Global's Lars van Wageningen.
U.S. gasoline stocks USOILG=ECI fell by 2.9 million barrels last week to 222.2 million barrels, the Energy Information Administration said, more than double the expectations for a 1.3 million-barrel draw. Gasoline inventories are now at their lowest since November.
Russia's seaborne exports of oil products to Asia via the Cape of Good Hope almost doubled month-on-month in July to a record high of 1.1 million metric tons, as more vessels take the route around Africa to avoid the Suez Canal shortcut, LSEG shipping data showed.
China's oil refinery output in July fell 6.1% from a year earlier, official data showed on Thursday, down for a fourth month as thin processing margins and tepid fuel demand discouraged production.
Trade | Bid | Offer | Prev. | Seller | Buyer | |
Ebob Barges MOC Platts E5 (fob ARA) EUROBOB-ARA | $786 (one barge) | |||||
Ebob Barges E10 Platts(fob ARA) | ||||||
Ebob Barges Argus E5(fob AR) | $769.75 (4KT) | $786.75 (6.7KT) | Trafigura | BP, mabanaft | ||
Ebob Barges E10 Argus (fob AR) | $778 (4KT) | $786.75 (13KT) | Varo | TotalEnergies | ||
Sept swap (fob ARA) | $781 | $775.50 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | $808 | $804 (one barge) | ||||
Cargoes (fob MED) | ||||||
Cargoes (cif NW E) | $830 | |||||
Naphtha (cif NW E) NAF-C-NWE | Sep +$5 |
Ebob crack (per barrel) | $11.34 | Prev. $13.22 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
Reporting by Robert Harvey; Editing by Maju Samuel
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