Europe Gasoline/Naphtha-Gasoline margins slip despite inventory drawdown
LONDON, Nov 28 (Reuters) -Northwest European gasoline refining profits lost 83 cents on Thursday to $4.77 a barrel, extending sharp losses from the previous session, even as regional inventories fell, as a surprise build in inventories in the U.S. weighed.
A total of 5,000 metric tons of Eurobob E10 traded in the Argus window, with Sahara selling to BP and Varo.
Another 15,000 tons of Eurobob E5 barges traded. Gunvor and Musket sold to Shell, BMV, and BP.
Gasoline stocks independently held in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell by 8.5% in the week to Thursday, data from Dutch consultancy Insights Global showed.
Gasoline stocks dropped to 1.14 million tons because of higher exports to Africa, Insight Global's Lars van Wageningen said.
U.S. gasoline inventories posted a surprise build last week ahead of the Thanksgiving holiday, while crude oil stockpiles fell more than expected as imports slumped, with supplies from Mexico at a record low, the Energy Information Administration (EIA) said on Wednesday.
Gasoline stocks USOILG=ECI rose by 3.3 million barrels in the week ended Nov. 22 to 212.2 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 46,000-barrel draw.
U.S. President-elect Donald Trump's pledge to impose tariffs on Canada would drive up fuel prices for Americans as it would upend decades-old oil trade from its top crude supplier, analysts said on Wednesday.
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) | $663.75 (15KT) | $667 | Gunvor, Musket | Shell, BP, BMV | ||
Ebob Barges E10 Argus (fob AR) | $674.50 (5KT) | $663.50 | Sahara | BP, Varo | ||
Dec swap (fob ARA) | $658.75 | $658.50 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | ||||||
Cargoes (fob MED) | ||||||
Cargoes (cif NWE) | ||||||
Naphtha (cif NWE) NAF-C-NWE | Dec -$7 |
Ebob crack (per barrel) | $4.77 | Prev. $5.60 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
Reporting by Ahmad Ghaddar; editing by David Evans
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.
