Europe Gasoline/Naphtha-Gasoline margins drop amid demand concerns
LONDON, Sept 12 (Reuters) -Northwest European gasoline refining margins dropped by $1.50 to $6.50 a barrel on Thursday amid ongoing concerns over global consumption.
Some 10,000 metric tons of Eurobob E10 barges traded in the Argus window. Shell, Sahara and Equinor sold to Exxon, TotalEnergies and van Raak.
Another 16,000 tons of Eurobob E5 traded. Gunvor sold to BMW and Trafigura.
Global oil demand will rise less than previously thought this year, led by weakness in China, the International Energy Agency (IEA) said on Thursday, bolstering its view that consumption is heading towards a plateau this decade.
ARA gasoline stocks fell in the week to Thursday by about 6% to 918,000 tons as exports flowed on the transatlantic route and as blending activity slowed, data from Dutch consultancy Insights Global showed.
Some oil producers on Thursday were further curtailing their U.S. Gulf of Mexico output after Hurricane Francine disrupted their onshore infrastructure, while export ports in southern Texas began to reopen.
U.S. gasoline stocks USOILG=ECI rose by 2.3 million barrels last week to 221.6 million barrels, the Energy Information Administration said, compared with forecasts in a Reuters poll for a 100,000-barrel draw. Total gasoline supplied fell on the week by 460,000 bpd to 8.48 million barrels per day.
EU and UK gasoline exports are projected to reach 665,000 barrels per day (bpd) this month, Kpler data showed, down from 1.15 million bpd in August.
Grangemouth, Scotland's only oil refinery, is to close in 2025 with the loss of 400 jobs, operator Petroineos said on Thursday, as part of plans to turn the 100-year old plant into a fuels import terminal.
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) | $675.25-$684.50 | $664 (8KT) | Gunvor | Trafigura, BMW | ||
Ebob Barges E10 Argus (fob AR) | $679.25-$681 | $662.70 (10KT) | Shell, Sahara, Equinor | Total, Exxon, Van Raak | ||
Oct swap (fob ARA) | $658.75 | $634.50 | ||||
Premium Unleaded (fob ARA) PU-10PP-ARA | $688-$693 | $664-$665 (11 barges) | Trafigura | Musket, Litasco | ||
Cargoes (fob MED) | ||||||
Cargoes (cif NW E) | $677 | |||||
Naphtha (cif NW E) NAF-C-NWE |
Ebob crack (per barrel) | $6.53 | Prev. $8.03 |
Brent futures | LCOc1 | |
Rbob | RBc1 | |
Rbob crack | RBc1-CLc1 | |
Reporting by Ron Bousso; Editing by Susan Fenton
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