Europe Gasoline/Naphtha-Gasoline margins rise as U.S. stocks seen lower
LONDON, July 23 (Reuters) -Northwest European gasoline refining margins rose by about 70 cents on the day on Tuesday to $14.09 a barrel as U.S. gasoline stockpiles fell.
About 9,000 metric tons of Eurobob E10 gasoline traded on barges as Gunvor and Shell sold to BP and Trafigura.
Another 2,000 tons of E5 barges traded as Mabanaft bought from Gunvor.
U.S. crude oil and gasoline inventories were expected to have declined last week, while distillate stockpiles were likely to have increased, an extended Reuters poll showed on Tuesday.
Analysts estimated stockpiles of gasoline USOILG=ECI fell about 400,000 barrels last week.
Crack spreads rose in Northwest Europe despite poor arbitrage economics for exports to the U.S.
"The RBOB arbitrage from Europe has remained closed since the beginning of July, and currently, the margin is negative for both blenders and refiners in Amsterdam-Rotterdam-Antwerp and Northwest Europe," Sparta Commodities' Jorge Molinero said in an online note.
Russian Deputy Prime Minister Alexander Novak said on Tuesday that Russia will reinstate a ban on gasoline exports from Aug. 1 and that it is considering extending the restriction into the autumn.
The 124,000 barrel-per-day ISAB refinery in Sicily, Italy, has completed plant-wide maintenance works which began in late-April, according to IIR Energy.
Trade | Bid | Offer | Prev. | Buyer | Seller | |
Ebob Barges MOC Platts E5 (fob ARA) EUROBOB-ARA | ||||||
Ebob Barges E10 Platts(fob ARA) | ||||||
Ebob Barges Argus E5(fob AR) | $804.75 (2KT) | $804.50 (5KT) | Mabanaft | Gunvor | ||
Ebob Barges E10 Argus (fob AR) | $803.25 (9KT) | $805.65 (5KT) | BP, Trafigura | Shell, Gunvor | ||
August swap (fob ARA) | $793.25 | $800.50 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | $798.75 (six barges) | $804 (six barges) | BP, Musket | Equinor, Trafigura | ||
Cargoes (fob MED) | Aug +$13 (FOB Santa Panagia), Aug +$12 (FOB Genoa) | |||||
Cargoes (cif NW E) | ||||||
Naphtha (cif NW E) NAF-C-NWE | Aug +$8 | Balmo +$9 |
Ebob crack (per barrel) | $14.09 | Prev. $13.39 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
Reporting by Robert Harvey; Editing by Tasim Zahid
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