Europe Gasoline/Naphtha-Gasoline cracks soften as US arbitrage weakens
LONDON, July 18 (Reuters) -Northwest European gasoline refining margins fell slightly to $12.29 a barrel on Thursday despite a decline in regional stocks as export economics to the United States became less favourable.
Four Eurobob E5 barges traded as Gunvor, BP and Vitol sold to BMV, ExxonMobil and Mabanaft.
Another three E10 barges traded.
Independently held gasoline stocks in storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell by 5.3% in the week to Thursday, data from Dutch consultancy Insights Global showed.
Gasoline stocks stood at about 1 million metric tons, falling on higher exports to the United States and stronger demand in the ARA region and inland locations, Insight Global's Lars van Wageningen said.
U.S. gasoline stocks USOILG=ECI rose by 3.3 million barrels last week to 233 million barrels, the Energy Information Administration said, compared with expectations in a Reuters poll for a 1.6 million-barrel draw.
Gasoline exports from Europe to the U.S. East Coast continue to be limited by weak arbitrage opportunities due to weak U.S. demand, higher blending costs in Europe and higher freight rates, Sparta Commodities analyst Jorge Molinero said.
EU and UK gasoline and blending component exports have reached 1.06 million barrels per day (bpd) so far this month, compared with 1.11 million bpd in June.
Trade | Bid | Offer | Prev. | Buyer | Seller | |
Ebob Barges MOC Platts E5 (fob ARA) EUROBOB-ARA | $826 (one barge) | Shell | Varo | |||
Ebob Barges E10 Platts(fob ARA) | ||||||
Ebob Barges Argus E5(fob AR) | $820.50 (8KT) | $820.25 (6KT) | Gunvor, Vitol, BP | BMV, ExxonMobil, Mabanaft | ||
Ebob Barges E10 Argus (fob AR) | $824.75 (6KT) | $822.58 on 3KT (1KT assessed) | Equinor, Musket, Gunvor | BP, Varo | ||
August swap (fob ARA) | $822.50 | $819.50 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | $826-$828 (9 barges) | $824-$826 (9 barges) | Trafigura | TotalEnergies, Musket | ||
Cargoes (fob MED) | Aug +$12 | |||||
Cargoes (cif NW E) | ||||||
Naphtha (cif NW E) NAF-C-NWE |
Ebob crack (per barrel) | $12.29 | Prev. $12.6 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
Reporting by Ahmad Ghaddar; Editing by Kirsten Donovan
Related Assets
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.
