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
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