Europe Gasoline/Naphtha-Gasoline margins tick higher
LONDON, Sept 17 (Reuters) -Northwest European gasoline refining margins ticked higher on Tuesday, gaining 76 cents to around $8.97 a barrel, despite slowing exports.
Just 2,000 tons of Eurobob E10 barges traded in the Argus window on Tuesday, which Sahara sold to Musket.
Another 14,000 tons of Eurobob E5 traded. Gunvor and Shell sold to Mabanaft and Trafigura.
EU and UK gasoline exports are projected to reach 980,000 barrels per day (bpd) this month, Kpler data showed, down from 1.14 million bpd in August.
"The picture for Eurobob in Q4 is now more bearish than the other markets, as the lack of export options will pressure European market down in order to fight for new alternatives," said Sparta Commodities analyst Jorge Molinero.
On Sunday, Nigeria's NNPC announced it had started buying gasoline from the new giant Dangote refinery on the outskirts of Lagos.
"Although we do not expect a very severe short-term impact, the start of gasoline production at the Dangote refinery for local supply will reduce import demand, with Europe being the main supplier. This impact could further exacerbate the decline of Eurobob," Molinero added.
Elsewhere, a fire broke out at Greece's second-largest oil refinery on Tuesday, Motor Oil Hellas' plant at Agioi Theodoroi, causing the refinery to be evacuated.
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) | $690.75-691 (14 KT) | $680.50 (8KT) | Gunvor, Shell | Trafigura, Mabanaft | ||
Ebob Barges E10 Argus (fob AR) | $693 (1KT assessed) | $683.75 on 3KT (1KT assessed) | Sahara | Musket | ||
Oct swap (fob ARA) | $668.75 | $658.50 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | $714-715 (5 barges) | $694-$696 (7 barges) | Trafigura | Musket | ||
Cargoes (fob MED) | Oct +$23 | |||||
Cargoes (cif NW E) | ||||||
Naphtha (cif NW E) NAF-C-NWE | Balmo Sep -$8 | Oct +$7 |
Ebob crack (per barrel) | $8.97 | Prev. $8.21 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
Reporting by Robert Harvey; Editing by Shreya Biswas
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