Europe Gasoline/Naphtha-Gasoline margins down as ARA stocks hit 13-month highs
Corrects headline to show gasoline margins fell not rose
LONDON, Dec 19 (Reuters) -Northwest European gasoline refining profit margins fell by around $1 to $6.86 a barrel on Thursday, as gasoline inventories in the Amsterdam-Rotterdam-Antwerp (ARA) area reached their highest in 13 months.
Around 5,400 tons of Eurobob E5 barges traded. Shell and Musket sold to BP and Mabanaft.
Another 6,000 tons of E10 barges traded. BP and Shell sold to Varo and Mabanaft.
Bayegan and Vitol sought gasoline cargoes in the Platts Mediterranean market. No trades were agreed, as no buyers emerged.
Gasoline stocks held in independent ARA storage extended their highest in 13 months to reach 1.37 million tons in the week to Thursday, up 1% from the previous week, according to consultancy Insights Global.
Gasoline stocks rose against a backdrop of stock building for future exports to the U.S., Insight's Global's Lars van Wageningen said.
Gasoline swap contracts after January 2025 are now in contango, incentivising gasoline storage.
Meanwhile, E.U. and U.K. gasoline exports were set to drop in December to around 944,000 bpd, down from 1.13 million bpd, according to Kpler.
Trade | Bid | Offer | Prev. | Seller | Buyer | |
Ebob Barges MOC Platts E5 (fob ARA) EUROBOB-ARA | $677 | $692 | ||||
Ebob Barges E10 Platts (fob ARA) | ||||||
Ebob Barges Argus E5 (fob AR) | $669 | $683(4kt) | Shell and Musket | BP and Mabanaft | ||
Ebob Barges E10 Argus (fob AR) | $672.17 | $687.50 | BP and Shell | Mabanaft and Varo | ||
Jan swap (fob ARA) | $668 | $684 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | ||||||
Cargoes (fob MED) | FOB Med + $2.50 | |||||
Cargoes (cif NEW) | ||||||
Naphtha (cif NEW) NAF-C-NWE | Jan + $4 | Jan + $5 | January flat |
Ebob crack (per barrel) | $6.86 | Prev. $7.92 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
Reporting by Enes Tunagur; Editing by Shailesh Kuber
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